QROPS
If you have left the UK permanently or are out of the UK for more than 5 years you probably have a UK Pension that is "frozen", you should consider a QROPS Pension Transfer.
This article offers a good overview of a QROPS Pension Transfers, what the benefits are and some considerations.
This article offers a good overview of a QROPS Pension Transfers, what the benefits are and some considerations.
QROPS Resources
- QROPS Pension Transfer
- Comprehensive QROPS Pension Transfer information websites, also offering consulting
- QROPS Pension Transfers Explained
- A good overview of UK Pension Transfers and QROPS.
QROPS Pension Transfer
If you have a UK Pension or "frozen" UK Pension you should definitely consider a QROPS Pension Transfer.A QROPS Pension Transfer is transfer of an existing UK Pension, whether or not it is "frozen" into another HMRC approved jurisdiction.
In 2006 the HMRC introduced QROPS as it allows individuals who are between 18 and 75 years of age, who are a non-UK tax resident or are going to be a non-UK tax resident in the next 12 months, to transfer their pension to another HMRC approved plan in a jurisdiction outside the UK.
The choice of jurisdiction is a vital one, as each jurisdiction has its own encumbrances. Some jurisdictions are more restrictive towards pensions than the UK, while others are less. One of the best jurisdictions is Guernsey as they were rated one of the top financial jurisdictions in 2008. They have worked closely with the HMRC to create a robust QROPS framework. They also have a favourable tax structure.
When you are considering a QROPS Pension Transfer, you have to utilize a financial adviser, as a QROPS can only be setup by registered financial institution. It is often difficult to find a financial adviser who understands and can assist with QROPS, and even if you do find one, it is a good idea to obtain a second opinion. If you are looking for a financial adviser in your region/city you should definitely contact QROPS Pension Transfer as they are probably the most connected. They themselves do not advise, but specialize in introducing people to QROPS advisers all over the world.
As they have dealt with many QROPS questions from clients around the world, they have also put together one of the most comprehensive QROPS websites, and should definitely be a site you visit while researching QROPS.
If you qualify for a QROPS Pension Transfer, the benefits are numerous.
In 2006 the HMRC introduced QROPS as it allows individuals who are between 18 and 75 years of age, who are a non-UK tax resident or are going to be a non-UK tax resident in the next 12 months, to transfer their pension to another HMRC approved plan in a jurisdiction outside the UK.
The choice of jurisdiction is a vital one, as each jurisdiction has its own encumbrances. Some jurisdictions are more restrictive towards pensions than the UK, while others are less. One of the best jurisdictions is Guernsey as they were rated one of the top financial jurisdictions in 2008. They have worked closely with the HMRC to create a robust QROPS framework. They also have a favourable tax structure.
When you are considering a QROPS Pension Transfer, you have to utilize a financial adviser, as a QROPS can only be setup by registered financial institution. It is often difficult to find a financial adviser who understands and can assist with QROPS, and even if you do find one, it is a good idea to obtain a second opinion. If you are looking for a financial adviser in your region/city you should definitely contact QROPS Pension Transfer as they are probably the most connected. They themselves do not advise, but specialize in introducing people to QROPS advisers all over the world.
As they have dealt with many QROPS questions from clients around the world, they have also put together one of the most comprehensive QROPS websites, and should definitely be a site you visit while researching QROPS.
If you qualify for a QROPS Pension Transfer, the benefits are numerous.
QROPS Benefits
As it is apparent that the benefits far outweigh the costs a QROPS Pension Transfer, However, it is always wise to do your own research, as some with some older defined benefit pension schemes, it may actually be better to leave your pension where it is, this needs to be considered on a case by case basis.
Take a look at the benefits of QROPS below:
Take a look at the benefits of QROPS below:
- No need to purchase an annuity. (although you can if you want to)
- Improved investment flexibility. (i.e. more choice of investment funds and structures)
- Tax-free Growth
- 100% control after 5 years.
- You can pass on all your funds to nominated beneficiaries.
QROPS Conclusion
As with all things, when considering a QROPS Pension Transfer, it is sound advice for you to understand it and do some of your own research. Here are a few good QROPS resources for you to begin with or you can just type "QROPS" into Google.
If you do have a UK Pension or "frozen" UK Pension, it is definitely worth your time to look into a QROPS Pension Transfer.
If you do have a UK Pension or "frozen" UK Pension, it is definitely worth your time to look into a QROPS Pension Transfer.
by Offshore_Specialist
Offshore_Specialist
QROPS Pension Transfer specialist.
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