Moving your British pension plan into a QROPS.
UK pension regulations mean that it is perfectly feasible to transfer your British pension abroad, should you choose to relocate overseas for work or are choosing to retire away from the UK If you want your pension to be held in the local currency, then it is important to move your pension into a qualifying recognised pension scheme, or QROPS, because HMRC only deem these qualifying schemes to meet similar standards to those found in the UK.
Moving from a UK pension to a QROPS means you can avoid problems of the value of the pension fluctuating according to any trends in the international money markets. Moreover, a good number of expats choose QROPS because they also offer more greater investment choices, lower tax issues and no lifetime allowances. In some cases, several UK pensions held by one individual can be transferred into a single QROPS which affords more simplicity for organising personal retirement finances.
Despite the advantages of a QROPS, care should be taken before opting for one. There are, for example, risks and investment implications should the particular QROPS chosen lose its official HMRC recognition In addition, these sorts of pensions are unregulated so far as the UK-based Financial Services Authority are concerned. Download our Expat Investment Options: Financial Advice For Offshore Asset Management PDF for all the information you need to help you to asses whether QROPS are right for you.
Download: Expat Investment Options: Financial Advice For Offshore Asset Management
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