The expats guide to maximising the value of your pension
A pension transfer allows you to move your pension fund from one scheme to another. This is typically done when people change jobs, or because their current pension scheme is being wound up, or maybe because they want to bring multiple pensions together in just one product which makes it easier to manage. HMRC allows pension holders to transfer their money to a UK pension scheme or an overseas one. When transferring to an overseas scheme, or QROPS, there are a number of advantages including lower, or even no, tax and no lifetime allowances. QROPS are popular for people who work or live abroad because they can be held in currencies other than sterling, thereby creating less reliance on favourable money market positions for a good pension.
When transferring a pension, especially to an overseas scheme, professional advice is critical. Remember that not all overseas pensions schemes are recognised by HMRC as a QROPS and that some of the service providers don’t have to comply with the rules of the Financial Services Authority as UK-based pension schemes must. If you are considering transferring your pension, or pensions, into a single QROPS then download the Transferring Your Retirement Fund: An Insider’s Guide PDF for all the information you need help you to avoid potential pitfalls and maximise the value of your pension.
Download: Transferring Your Retirement Fund: An Insider’s Guide
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