Self Managed QROPS
When looking at arranging a QROPS transfer from the UK into an overseas pension scheme there are a host of tangibles to consider. It may be tempting to just focus on the costs but there are other factors that play a much larger role. Trying to do the comparison yourself can be difficult as each scheme and each jurisdiction has something different to offer, providing its own set of complications from investment restrictions to tax implications. Without an in depth, qualified knowledge of each countries financial laws the whole experience can be confusing at best and detrimental at worst. This is why arranging to manage an overseas pension transfer yourself is not advised.
However, there are schemes that in effect become self managed QROPS because they give you full control over your investment. What this means is that by sitting down with a QROPS adviser and discussing your needs, they may be able to find you an overseas pension that allows you to benefit from reduced income tax, zero percent inheritance tax and no obligation to buy an insurance annuity at 75 years, PLUS one that allows you to sit in the driver´s seat as far as deciding where your funds should be invested. This means dealing directly with fund managers and trading at institutional level prices, instead of retail.
The fact is that UK pensions abroad are wide reaching and immensely variable so it is of paramount importance to employ the services of a QROPS expert who is approved by the UK Financial Services Authority to assess which one is most suitable for you.
For further information on QROPS 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.
