Transfer Pension Overseas
Talk to our QROPS experts...
If you’re approaching retirement, and you’re thinking of moving abroad, then you may be wondering what to do about your various personal and company pension plans. You might want to consider whether the QROPS scheme could help you to transfer pension overseas. QROPS stands for a qualifying recognised overseas pension scheme. These have been around for several years as part of EU legislation.
What QROPS means in everyday terms is that it’s now very easy to transfer pension overseas. There are a number of financial benefits to using QROPS. For example, you can transfer your personal or company pension out of the UK and into a country that has been approved by UK legislation. That means you could owe no UK tax, and you can even roll several smaller pension pots into one. There are also QROPS plans with lump sum options which might be useful to help you with your moving costs, or paying for fittings and furniture in your new home.
You can find out more about how to transfer pension overseas from a certified independent financial adviser. They will be able to tell you what the best course of action is for your particular circumstances. Because you’ll want to be certain that you’re better off under QROPS, you’ll need to make sure that your qualified adviser carries out something called a transfer value analysis (TVA). This will provide a detailed estimate to tell you how much your pension plan could be worth under QROPS, compared with your present UK pension scheme. That way, you will be able to plan your future with the assurance of knowing you’re better off than you would have been.
An added benefit is that you don’t actually have to live in the country that you transfer your pension to. For example, this means you could move to the country of your choice, but transfer pension overseas to another country with a more favourable scheme.
What QROPS means in everyday terms is that it’s now very easy to transfer pension overseas. There are a number of financial benefits to using QROPS. For example, you can transfer your personal or company pension out of the UK and into a country that has been approved by UK legislation. That means you could owe no UK tax, and you can even roll several smaller pension pots into one. There are also QROPS plans with lump sum options which might be useful to help you with your moving costs, or paying for fittings and furniture in your new home.
You can find out more about how to transfer pension overseas from a certified independent financial adviser. They will be able to tell you what the best course of action is for your particular circumstances. Because you’ll want to be certain that you’re better off under QROPS, you’ll need to make sure that your qualified adviser carries out something called a transfer value analysis (TVA). This will provide a detailed estimate to tell you how much your pension plan could be worth under QROPS, compared with your present UK pension scheme. That way, you will be able to plan your future with the assurance of knowing you’re better off than you would have been.
An added benefit is that you don’t actually have to live in the country that you transfer your pension to. For example, this means you could move to the country of your choice, but transfer pension overseas to another country with a more favourable scheme.
Contact our FSA regulated advisors today: Info@cyprus-mortgages.co.uk