golf QROPS for UK Pension Holders

QROPS

For those of us who are planning or who have already retired overseas there are many benefits to be gained by transferring your UK pension or pensions into a QROPS pension.

QROPS FACTS

  • QROPS have been with us since April 6th 2006 as a result of legislation passed by the UK government.
  • You do not have to transfer your UK pension to your new country of residence. e.g. a Brit who has moved to Spain does not have to transfer his UK pension to a QROPS in Spain. They are free to find a QROPS that best matches their needs from a more favorable jurisdiction.
  • Private pensions, SIPPs, Stakeholder and Occupational pensions can all be transferred into a QROPS.
  • More than one pension can be transferred and consolidated into one QROPS, e.g. a private pension and a previous occupational scheme.
  • You cannot transfer State pensions into a QROPS.
  • With a QROPS you could pay less or no income tax.
  • If you decide to return to the UK a QROPS can be transferred back into a UK registered pension.

How can a pension scheme become a QROPS?

To become a QROPS the pension scheme must meet the following criteria.

  • It must be an overseas (non UK) pension scheme.
  • It has to be a recognised overseas pension scheme in the eyes of HMRC.For a scheme to be recognised it has to be established in an EU member state, Norway, Iceland or Liechtenstein or in a country which has a double taxation agreement with the UK.
  • Satisfy requirements such as paying a maximum 30% of the pension pot as a pension commencement lump sum.
  • The remaining 70% of the pension pot should provide an income for life.
  • Pension benefits cannot be payable before the age of 55.
  • The scheme must report payments made to members who have been non UK residents for less than five complete consecutive year.
  • WARNING if you transfer your pension into a scheme that is not a QROPSyou could be liable to unauthorised payment charges totaling 55% of the value transferred pension/pensions and we strongly advice you to deal with a QROPS specialists, such as ourselves who understand the QROPS rules and how to find the correct solution for your own requirements.

    Here is the list produced by HMRC of QROPS providers. QROPS providers who are not on this list should not be considered.

 

“Free No Obligation Consultations”

We recommend that any person considering a UK pension transfer overseas should seek QROPS advice from a QROPS transfer specialist.
We provide free no obligation consultations which give people the chance to find out what their pension transfer options are, what will be the benefits to them and or simply if QROPS are right for them.
To get immediate answers to your questions contact us to speak to the UK QROPS Pension transfer experts today.

Contact Us Today

Call: +44 207 0606 255

email: info@qrops-advice.com

Download Your FREE QROPS Guide Here!

 

The UK government passed QROPS legislation back in April 2006 because it believed that it was in the best interest of UK pension holders who have retired or who intend to retire abroad with right QROPS Advice we can help you get the most from this legislation…