The ultimate guide to boosting your retirement plan value
A QROPS is a Qualifying Recognised Overseas Pension Scheme which means it is a scheme that is approved by HMRC even though it is operated outside of the UK. Although other pensions schemes are obtainable outside of the UK, a QROPS allows you to transfer your UK pension into one that is allowed under UK regulations.
Commonly considered to be of benefit to expats who work or who have retired outside the UK for five years or more, a QROPS offers a number of appealing advantages to he smart investor. These include being able transfer many of UK pension scheme benefits British people are used to into an overseas product, but often without incurring a fee or a scheme sanction charge. Crucially, many people choose a QROPS because they afford a lower amount of tax on the income that is drawn from them. They can also be held in local currencies, a good option for avoiding short-term money market changes.
It is important to note that regulations are different in overseas countries and that every nation has differing tax laws, even within the EU. Therefore, it is important to seek professional advice to ensure you are choosing the right QROPS for your individual needs. Download the HMRC Pensions: The Insider’s Guide To Transferring Your Pension Fund For Maximum Profit PDF for all the information you need to help you to transfer your pension successfully.
Download: HMRC Pensions: The Insider’s Guide To Transferring Your Pension Fund For Maximum Profit
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