QROPS; Qualifying Recognised Overseas Pension Scheme
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…
DID YOU KNOW: When you die your UK pension forms part of your estate and will be taxed at a rate of 55%!
In short, people with a UK private or work pension who are no longer resident in the UK, with no intention to return for the medium to long-term and who has not lived in the UK for the past 5 years. In terms of benefits, transfer candidates should have upward of 25,000 GBP in commutable benefits in their pensions to be eligible to transfer.
DID YOU KNOW: Since it began in 2006, QROPS has received over £1.3bn in transfers according to the Office for National Statistics
The benefits are numerous and to what extent you benefit from each depends on your personal circumstances. In summary:
1-in-3 of the people we consult about a potential QROPS transfer are eligible and are able to start to access the benefits of a transfer as soon as 3 months thereafter
Seeing as there are currently tens of reputable QROPS providers based in fully HMRC-compliant financial centers the menu has become more populated in recent years. Fully understanding your circumstances and your objectives will enable us to make a comprehensive and accurate recommendation. Send us a mail over on our Contact page to arrange a complimentary initial consultation free of charge.