Qrops Advice And Retirement Solutions
Since the introduction of QROPS or Qualifying Recognized Overseas Pension Scheme in 2006
, many expats are constantly seeking advice on its application. QROPS was introduced to cater to the needs of UK expats who were no longer eligible to make pension contribution to the UK.
On retirement an individual could withdraw 25% from the individuals pension fund which would be tax free. The remainder could be withdrawn progressively or used to purchase an annuity which would provide a life time pension, subject to payment of prevailing tax. Under the QROPS expats living outside UK were allowed to transfer their pension into approved overseas pension schemes.
UK citizens planning to live for more than five years outside the country could avail themselves of the scheme. However, it is important that individuals obtain the right advice in this regard. They should also obtain correct information on the procedures involved in the transfer of the funds to the overseas country. Only overseas schemes approved by HRMC (Her majestys Revenue and Customs) should be considered. In taking up QROPS the individuals need to ensure that they would be residing outside the UK for at least five years after the pension has been transferred. Failing to do so, will result in an individual being taxed on the pension funds transferred overseas.
In deciding to take up a QROPS it is essential that the services of well qualified and knowledgeable advisors be used. These advisors should have a good knowledge of the schemes in the respective countries. In addition they should be able to advice individuals on the various procedures for the transfer of the funds and the risks involved with the schemes, if any. They should also ensure that funds transferred from UK are placed in schemes where financial protection is assured. There are also certain procedures that have to be followed to enable HRMC to keep track of these funds. QROPS also allows certain investment to be made from the pension fund in the country of residence.
As funds are moved from UK to QROPS in different countries, proper advice on foreign exchange controls and other statutory requirements where the expat is living should be carefully evaluated. Where possible all investments should be made in a currency that could appreciate with time
With proper
QROPS Advice and prudent fund management, individuals will be able to ensure that their lifelong savings are secure, rewarding and free of UK tax.
by: QROPS
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