QROPS Pension Transfers Away From The UK
Looking to transfer your pension from the UK and not sure where to start? Start by talking to the professional team of financial advisors at Blacktower Financial Management.
What is a Qualifying Recognised Overseas Pension Scheme (QROPS)?
A QROPS is a pension transfer scheme that is based in a jurisdiction other than the UK but is recognised by HMRC and follows the same standards or equivalent as a UK pension. Most expat UK pensions can easily be transferred into a QROPS, as long as the overseas scheme is registered with HMRC and is fully compliant with the standards of the jurisdiction it is domiciled in. QROPS’s profile was increased after HMRC introduced a series of new pension rules on 6th April 2006.
A QROPS plan will give you the potential to do the following:
- Reduce income tax on drawdown
- Remove the requirement to purchase an annuity
- Give you the ability to pass on remaining pension funds to beneficiaries on death, potentially without taxes
- Access up to 30% of the fund as a Pension Commencement Lump Sum (PCLS)
- Plan your drawdowns in line with your income needs
- Invest your funds with enhanced freedom and choice
Contact us today to get your pension transfers advice from the professionals.