Overseas Pension Scheme
In May of last year there were around 1000 QROPS schemes operating out of around 40 different countries which met the rules and regulations of the HMRC (Her Majesty’s Revenue & Customs). This figure is likely to keep on growing due to the increasing popularity of QROPS pension transfers. Click here to view the current HMRC approved QROPS list.
With this number of QROPS providers in mind, many offshore pension providers will not necessarily meet with individual requirements which is exactly the reason why you should contact a qualified QROPS adviser for free and professional QROPS advice.
QROPS providers are spread out over a wide variety of jurisdictions where the benefits and regulations within each country can differ. Some of the QROPS jurisdictions include the following countries:
Australia, Canada, France, Germany, Gibraltar, Guernsey, Ireland, Isle of Man, Jersey, Netherlands, New Zealand, South Africa and Switzerland.
With such a wide choice of QROPS and jurisdictions to choose from, it is extremely important and beneficial to contact a QROPS pension transfer specialist who will be able to evaluate your personal circumstances and point you in the right direction as to which QROPS scheme is the best one for you to transfer into.
Overseas pension schemes provide the scheme member with a far wider choice of options and benefits when compared to the UK, QROPS benefits include:
- Under UK law a pension can only be passed to an immediate family member and total inheritance tax reductions can be up to 82.5% of the remaining fund. By shifting your pension into a QROPS the pension fund holder is free to choose any beneficiary they wish and pass the pension fund over tax free.
- A QROPS member is not required to purchase an annuity and no reductions will be imposed on income to those over 75 which can apply to UK pension rights.
See our dedicated page on QROPS benefits for further details on the advantages available to you by transferring your existing UK pension into an overseas pension scheme
For further information on overseas pension transfers and for a qualified QROPS adviser to contact you, simply fill in your details in the contact a QROPS adviser page to receive free QROPS advice.
