QROPS
Overseas Pension Transfer
If you've retired or emigrated overseas, or if you previously worked in the United Kingdom and have returned home, you may have money in a British pension. It's likely that you've heard friends or colleagues talking about QROPS and wondered what it was and whether it could be right for you. QROPS, or Qualifying Registered Overseas Pension Scheme, is a term used by the government to describe foreign pension schemes into which you can transfer your UK pension. HMRC maintains a list of foreign pension plans that comply with the regulations; you can transfer your pension into whichever of these plans you choose. Making this kind of transfer can be beneficial to you in several ways.
UK pensions can often suffer from high tax rates, death duties, and restrictions on when and how you can access your money. Overseas pension schemes may have less restrictive terms or be subject to lower taxes. With thousands of HMRC-approved schemes to choose from, you'll be able to find the pension plan that suits you and your family best.
Not all countries have eligible pension schemes, but many do, including popular retirement destinations like Spain, Australia, New Zealand and the USA. Better yet, the QROPS you transfer your pension into does not have to be located in the country you have retired to. You can reside in one country and put your money into a pension scheme based in another if you prefer.
A QROPS transfer can be a good way for you to protect your retirement from high taxes. By choosing the right pension scheme, you can even increase the rate at which your pension increases in value. You may also be able to access your pension earlier than you would be able to if you kept it in the UK, allowing you to enjoy your money sooner during your retirement. If this sounds appealing, let us help you find the overseas pension scheme that's right for you.
UK pensions can often suffer from high tax rates, death duties, and restrictions on when and how you can access your money. Overseas pension schemes may have less restrictive terms or be subject to lower taxes. With thousands of HMRC-approved schemes to choose from, you'll be able to find the pension plan that suits you and your family best.
Not all countries have eligible pension schemes, but many do, including popular retirement destinations like Spain, Australia, New Zealand and the USA. Better yet, the QROPS you transfer your pension into does not have to be located in the country you have retired to. You can reside in one country and put your money into a pension scheme based in another if you prefer.
A QROPS transfer can be a good way for you to protect your retirement from high taxes. By choosing the right pension scheme, you can even increase the rate at which your pension increases in value. You may also be able to access your pension earlier than you would be able to if you kept it in the UK, allowing you to enjoy your money sooner during your retirement. If this sounds appealing, let us help you find the overseas pension scheme that's right for you.
Contact our FSA regulated British advisors at info@cyprus-mortgages.co.uk