That said, there is certainly no harm in thinking about QROPS now, particularly in light of the spiralling pound and the need to consider the impact on foreign currency exchange rates – British expats should take whatever steps are necessary to preserve both their spending power and their existing retirement financial plans. And for those who have been thinking about becoming expats, with the future of freedom of movement in doubt, now is the time to do it – whether you are thinking of moving to Spain, France, Portugal or elsewhere in the EU.
One thing is for certain; with the economic uncertainty created by Brexit there is likely to be a both a massive surge in expat numbers and a dramatically increased demand for HMRC QROPS. This is because QROPS provides an opportunity for expats to transfer their pensions to a reliable and secure scheme outside of the UK but in English. QROPS investors also benefit from flexible investment opportunities, flexible taxation options and the, current, ability to withdraw a lump sum of up to 30%.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
As you already know there are a substantial number of pension types available. How we came to have them, or what they actually are, still remains a mystery to many of us since these were thrust upon us (to some extent) by well meaning employers way back when. This week we´re going to bust the Pension Jargon for the types of Pensions available.