Overseas Pension Transfer
QROPS - Pension Transfer
In the current uncertain global economic climate, your pension is more important to you than ever. Unfortunately, high UK taxes can take a large percentage of your money, and death duties can prevent your family from receiving the full value of your pension should you predecease them. Additionally, government regulations stop you from taking a lump sum from your pension before reaching a minimum age. Understandably, many holders of British pensions are seeking ways to get around these difficulties.
If you're living permanently abroad, whether because you've retired to another country or because you've worked in the UK and are now returning home, you can get around some of these problems with an overseas pension transfer. Residents of foreign countries who have money in a British pension plan have the option of transferring that money into a QROPS, or Qualifying Registered Overseas Pension Scheme. HMRC maintains a list of overseas pension schemes which qualify for overseas pension transfer; there are thousands of different plans available in dozens of countries.
One interesting feature of overseas pension transfer is that it is possible to transfer your pension into a pension scheme in any country, rather than only the country in which you reside. You can therefore choose the pension plan that best suits you; since different countries have different regulations concerning pensions, you can select the plan that offers the lowest tax rate, the highest return, or the easiest access to your money. By carefully choosing the correct overseas pension transfer, you can maximise the benefit you receive from your pension.
If you live permanently overseas and think that transferring your pension into a QROPS might be right for you, let us help you navigate the process and choose the pension scheme that will give you the most security for your retirement.
If you're living permanently abroad, whether because you've retired to another country or because you've worked in the UK and are now returning home, you can get around some of these problems with an overseas pension transfer. Residents of foreign countries who have money in a British pension plan have the option of transferring that money into a QROPS, or Qualifying Registered Overseas Pension Scheme. HMRC maintains a list of overseas pension schemes which qualify for overseas pension transfer; there are thousands of different plans available in dozens of countries.
One interesting feature of overseas pension transfer is that it is possible to transfer your pension into a pension scheme in any country, rather than only the country in which you reside. You can therefore choose the pension plan that best suits you; since different countries have different regulations concerning pensions, you can select the plan that offers the lowest tax rate, the highest return, or the easiest access to your money. By carefully choosing the correct overseas pension transfer, you can maximise the benefit you receive from your pension.
If you live permanently overseas and think that transferring your pension into a QROPS might be right for you, let us help you navigate the process and choose the pension scheme that will give you the most security for your retirement.
Contact us today for overseas pension transfer advice from our British FSA regulated experts: info@cyprus-mortgages.co.uk