Overseas Pension Transfer
Transferring your pension overseas into a QROPS is an important decision which can give you many extra benefits. Nonetheless, it is extremely important that you understand all aspects of any investment or QROPS pension transfer which is why you should contact a qualified and authorised QROPS adviser which can evaluate your personal situation and explain the process in full.
With reference to HMRC rules, a transfer into an offshore pension scheme qualifies as a benefit crystallisation event. This simply means that your UK pension will be given a valuation against your lifetime allowance or LTA. The allowances currently set are ₤1.6 million for 2008-2009, ₤1.7 million for 2009-2010 and ₤1.8 million for 2010-2011.
The possibility of transferring a UK pension into a QROPS can be extremely beneficial to expatriates living abroad in Europe and the rest of the world and a QROPS pension transfer can also be of great interest for someone who has not yet left the UK but is in the process of planning to do so.
QROPS pension schemes are not just for UK nationals either, people of different nationalities who have accumulated a pension fund through working in the UK can also transfer their pension into a QROPS.
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.
