QROPS Gibraltar
There are a large number of Britons who have chosen to retire overseas and many of them have chosen Gibraltar as their ideal location to move to and enjoy their retirement. However, after having worked hard all their lives, many expats living in Gibraltar have found that their UK pensions do not deliver sufficiently enough for a comfortable retirement income.
The introduction of qualifying recognised overseas pension schemes (QROPS) on the 6th April 2006 has opened up a huge window of opportunity where UK pensioners living abroad or planning to do so in the near future can gain much benefit from transferring their UK pension fund into a QROPS. The majority of UK registered pension schemes including SIPP’S and protected rights are transferable.
The real advantages begin after you have been a non-UK tax resident for 5 complete years or more as Her Majesty’s Revenue and Customs (HMRC) will no longer be able to apply any restrictions to your pension fund. The list of benefits is long and includes:
- Not having to purchase an annuity
- The option for beneficiaries of your choice to have your pension fund passed over to them upon death, which is not possible under UK regulations.
- Pensions transferred into a QROPS are exempt from UK inheritance tax
- A wide variety of investment options and flexibility will become available to you by transferring your UK pension into a QROPS fund.
See our section on QROPS benefits for further information on what can be gained and to find out more on why transferring your pension out of the UK into a QROPS and avoiding these restrictions will help you greatly in improving your retirement years in Gibraltar or Spain.
Alternatively, for further information on QROPS transfers, fill in your details in the contact a QROPS adviser page for a QROPS adviser to contact you.
