QROPS Pensions

What is QROPS:

A QROPS is a Qualifying Recognised Overseas Pension Scheme that has met the criteria set by HMRC and is recognised by HMRC. Any QROPS can accept transfers from a UK registered pension scheme.

Expat Pensions

For many years, British expatriates and those moving overseas have been faced with difficulties when dealing with UK pensions, as the pension is usually ‘trapped’ back in the UK. One of the main difficulties has been the tax treatment of UK pensions. Until now it has been virtually impossible to move a UK pension to an overseas pension without being forced to pay basic rate tax on the transfer.

On the 6th April 2006, new regulations for pensions came into play, this created attractive options for transferring UK pensions into foreign plans. QROPS are now available and mean that those who are or will be non UK -resident can transfer UK pensions without tax deductions and ultimately draw an income without UK tax liability.

QROPS

A pension scheme set up outside the UK, with many residing in low tax jurisdictions or in counties that have more generous tax-free lump sum rules, and/or no ultimate need to use your pension fund to buy an annuity as in the UK , as at 75 when an annuity is purchased, your fund is lost. This has a major benefit of gaining the ability to leave remaining pension funds to heirs. UK expatriates around the world and foreign workers who have spent part of their careers in the UK and have accumulated UK-registered pension benefits will benefit greatly from QROPS?

QROPS Advisor

Beneficial QROPS advisor gives the best advice by means of not just telling you about the benefits, but also any potential pitfalls you should consider.