UK Pensions in Spain
Qualifying recognised overseas pension schemes or QROPS as they are now known have become very popular in Spain and the current economic turmoil has made the option to transfer your pension into a QROPS pension scheme more popular than ever.
There are many benefits to be gained by transferring your pension into a QROPS and due to the first time in years that expats in Spain have been exposed to such massive currency swings, non-Spanish non-Euro funded pensioners living in Spain are really feeling the pinch right now which is why the option to transfer your UK pension into a QROPS has become a great window of opportunity.
It is wise to invest in the currency that you will be spending the money in. Therefore, if you are going to live in Spain and spend your money there it is advisable to invest in Euros and transfer your pension into a QROPS. This will then remove 2 major risks which are currency fluctuations and the worry of leaving your pension in sterling and hoping the exchange rate will improve.
UK pensions have previously remained under UK rules, even for people who have retired to Spain. However, due to new legislation in the UK that was introduced in April 2006, it is now possible for expatriates to export their pension fund out of the UK into a QROPS and avoid the various restrictions and taxes that the UK imposes on how you take your pension benefits
For details on how you can benefit from a QROPS in Spain, contact a QROPS adviser here and discover why you should transfer your UK pension into a QROPS.
