QROPS Pensions Specialists – Impartial Advice
As QROPS Specialists, lets try and simplify this very important subject so you can make better and more informed decisions about your long term financial planning.
If you have a UK frozen pension and you are now living overseas, you need to take a look at QROPS. To give it it’s full title, a “Qualifying Recognised Overseas Pension Scheme”. QROPS transfers have been around since 2006 and were incorporated into UK legislation as a result of EU directives at that time.
The idea behind HMRC QROPS is quite simple if you meet the following criteria:
Intend to live abroad or are already resident abroad and have a UK pension
Transfer that pension to another countries pension scheme providing it is qualified by the UK as being a HMRC approved country
WHERE YOU CAN
Take advantage of those countries “less restricted” rules to pensions. For example, in the UK, you cannot take out your pension until official UK retirement age yet if you transferred to a NZ pension fund, you can take out your pension as a lump sum BEFORE official retirement age…..that is the beauty of QROPS, it offers more flexibility with regard to your pensions than you would have leaving it in a UK scheme.
As you can appreciate it is not something welcomed by the UK Government. BUT for once, the EU have given you more control over your pension and how you want to manage it in your present lifetime.
NOTE: You do NOT have to live in the country you transfer your pension to!
The country you transfer it you does not have to be the same country you retire to. So, for example, you could retire to Spain but transfer your pension to a New Zealand scheme because they offer the best deal for you, as to what you want from your pension, e.g a lump sum.
That’s where we come in. As qualified advisors, we can look at your present pension, understand your requirements and then recommend a suitably recognised scheme that does what you want it to do whether that be a scheme in NZ, Gibraltar, Guernsey, Isle Of Man, etc.
Each country has their own rules on pension funds so it’s important that the scheme chosen suits your particular requirements..
If You Are Going To Retire Soon, QROPS Could Be The Answer
Basically a Qualifying overseas scheme is like a UK pension on steroids. Anything good that a UK pension scheme can do once you leave the UK, a QROPS can do better. Some Additional Features of Transferring to an overseas scheme are;
- Bigger pension Fund.
- No UK tax to pay.
- A larger tax-free lump sum.
- No UK death duties to pay.
So, if you have a UK pension and presently live abroad or intend to move abroad, fill out the simple form on the right hand side and we will get back to you a soon as possible to discuss the options available. Thank-You