QROPS advice
If you are one of over 300,000 people migrating from the U.K. this year, we at qrops.expert are here to help you. Since 6th April 2006, HMRC introduced QROPS (Qualifying Recognised Overseas Pension Schemes), giving rise to new retirement planning options to UK pension holders.
With an ever increasing ageing population, there are not enough young people paying into the state scheme to take care of pensioners. The likely result is a crack down on pensions schemes in the future and an increase in taxes (as we have witnessed already). Luckily for UK citizens, they can transfer their UK private pensions offshore to mitigate tax. The Qualifying Recognized Overseas Pension Scheme (QROPS) allows most types of UK private pensions to be transferred offshore. QROPS was designed with the intention of giving UK expats who aren't returning to the UK the option of moving their pension to a 'white list' country offshore such as Guernsey or the Isle of Man. Not only do you mitigate tax, but you don't need to purchase an annuity. This means that your whole pension fund is left to your spouse upon death and then onto your kids should your spouse pass away.
BENEFITS OF QROPS
There is NO requirement to purchase an insurance annuity. Leave all unused pension funds to your beneficiaries free of UK taxes. There are no limits on contributions to the fund, nor fund size. Flexibility as to when benefits can be taken from the Plan (personal tax status allowing). Take income and benefits in currency of your choice. Greater Tax efficiency on drawdown. Tax advantages and savings. The ability to take in transfers from UK approved pension schemes Open to all nationalities. Investment flexibility, with investments in stocks, bonds, alternative investments, deposits, real estate, private equity, options and life policies. Transparent fee structure with no hidden penalties or exit fees. |