Expat pensions

Pension Solutions for British expats

What are the advantages of a QROPS?

No need to purchase an annuity or pay UK taxes upon death.
Leave your unused pension funds to your heirs tax free - whereas in the UK it could incur inheritance tax of up to 82%.
Tax free lump sum, even if you have already taken 25% from your pension.
Your Pension Income can be taken in a more tax efficient manner.
Your Pension can be drawn in a currency of your choice - therefore avoiding the problems with exchange rate fluctuations.

For those persons living abroad - or intending to move abroad, the benefits of a QROPS are huge. As well as the diversification of investment opportunities, there are significant tax advantages to be had.

The benefits to be gained from inheritance tax are massive. With a QROPS it is possible for the full value of your pension to be passed onto your heirs.

What is QROPS? - Qualifying Recognized Overseas Pension Scheme

Qualifying Recognized Overseas Pension Scheme (QROPS) was first introduced in 2006. A QROPS is a pension scheme which is set up outside of the UK and which is recognized by Her Majesty's Revenue and Customs (HMRC) as meeting certain standards and conditions equivalent to a UK pension. This approval allows anyone with a UK registered pension who is living outside the UK - or is intending to leave the UK, to transfer their pension offshore.

QROPS is set up in a similar way to a UK pension, in that it is an investment vehicle that is owned on your behalf by a pension administrator - otherwise known as a trustee.

An individual must be non UK resident or have the intention of becoming non-UK resident in order to transfer their money to a QROPS. When deciding whether it is worth transferring a pension to a QROPS, it is important that the individual considers their long term intentions.

Your age is not a precursor to switching to a QROPS - and there are significant advantages to be obtained from doing so. For further advice from a qualified independent QROPS specialist contact us - and we will use our expertise to explain the benefits to be gained by switching to a QROPS. We pride ourselves in speaking in a comprehensible manner - so you are not confused by financial jargon.

Many of the questions you may have are answered on our Frequently Asked Questions page. However, as everyone's financial situation is different we recommend contacting one of our qualified advisers.

Click Here to contact us for further information.

Please note that every care has been taken to ensure that the information provided is correct and in accordance with out current understanding of UK (inclusive of Her Majesty's Revenue and Customs (HMRC) practice, Guernsey, Hong Kong and Isle of Man law as at April 2009. You should note however, that we cannot take on the role of an individual taxation adviser and independent confirmation should be obtained before acting or refraining from acting upon the information given. The law and HMRC practice are subject to change. Legislation varies from country to country and the policyholder's country of residence may impact on any of the above.

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