A QROPS plan allows you to transfer your existing UK pension arrangement outside of the UK in line with changes to the law made in 2006. This scheme will be often be based in another international jurisdiction which has been pre-approved by the UK HMRC and as such is fully compliant due to compliance with stringent legislation as laid out by the UK government; giving you any number of advantages that you wouldn’t of had before…
- At age 75 there is no need to purchase an annuity. Your pension doesn’t die with you.
- There is usually a wide choice of assets available. Onshore and offshore funds.
- Improved returns on the investment.
- You can pass on all funds remaining at death to your family. No IHT liability.
- Tax-free growth of funds both before and after retirement.
- Take income in the currency of your choice.
- Protection against creditors.
- Tax-free lump-sum up to 30% of fund value.
- Consolidate several UK pensions into a single QROPS.