What is a QROPS?
QROPS is short for Qualifying Recognised Overseas Pension Scheme, a type of overseas pension scheme that meets criteria laid down by Her Majesty’s Revenue and Customs (HMRC) and enabled by EU human rights legislation.
With QROPS it is possible to transfer UK pension benefits without any sanctions or charges. French QROPS are available to those who have lived and worked in the UK but who intend to retire and live in France – this is true for those who were born in the UK as well as those who were born elsewhere.
Confidence in the face of currency fluctuations
With economists predicting fluctuations in the value of the pound over the foreseeable future, transferring to a QROPS in France could help mitigate against this risk while also being part of a sound wealth management plan.
Furthermore, a QROPS transfer can be useful in providing both greater scope for investment and for inheritance planning.
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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.
There is so much to recommend around retiring to Spain. However, the many opportunities inherent in a move to the country also bring a great many challenges. As such, if you want to join the approximately 250,000 British expats who currently live there, you will need to consider a number of important questions, not least the cost of retiring in Spain.
As an expat your pension choices can seem labyrinthine. You may have been a member of one scheme over your entire career or perhaps you have paid into several smaller workplace schemes across different countries. Knowing what to do can seem like an enigma.