Is a Pension Transfer Right for You?
Speak to our QROPS pension advisors today.
Is a pension transfer right for you? High taxes, death duties and government regulations on when you can access your money can all get in the way of you or your loved ones enjoying the benefit of your UK pension. If you're living abroad, however, there are alternatives that can help you improve the state of your pension. One of these is a pension transfer into what is known as a QROPS, or Qualifying Registered Overseas Pension Scheme.
A QROPS is a pension scheme in a foreign country which falls into one of a number of categories laid down by HMRC. In most cases, the scheme will either be located in a European Union country or a nation with which the UK has a tax treaty. Pension schemes from other countries may also be eligible if they can show that their regulations conform with certain rules. Pension holders who want to transfer their pensions into one of these schemes can do so without paying extra fees.
An overseas pension transfer can help you make better use of your pension in several ways. Many different pension schemes qualify for such a transfer -- HMRC publishes a list of thousands of schemes which is regularly updated. Different pension schemes have different rates of growth, enabling you to select a scheme that will help your pension appreciate in value faster. Additionally, although you have to be living abroad in order to make a pension transfer into an overseas pension plan, the pension scheme does not have to be in the same country. If you wished, for example, you could be residing in the United States while your money was in a pension plan in Australia or Ireland.
As a result of this rule, you have a great deal of choice when transferring your pension into a QROPS. By looking at the tax rates and pension regulations for different participating countries, as well as the benefits of different pension schemes, you can find the overseas pension that's right for your needs.
A QROPS is a pension scheme in a foreign country which falls into one of a number of categories laid down by HMRC. In most cases, the scheme will either be located in a European Union country or a nation with which the UK has a tax treaty. Pension schemes from other countries may also be eligible if they can show that their regulations conform with certain rules. Pension holders who want to transfer their pensions into one of these schemes can do so without paying extra fees.
An overseas pension transfer can help you make better use of your pension in several ways. Many different pension schemes qualify for such a transfer -- HMRC publishes a list of thousands of schemes which is regularly updated. Different pension schemes have different rates of growth, enabling you to select a scheme that will help your pension appreciate in value faster. Additionally, although you have to be living abroad in order to make a pension transfer into an overseas pension plan, the pension scheme does not have to be in the same country. If you wished, for example, you could be residing in the United States while your money was in a pension plan in Australia or Ireland.
As a result of this rule, you have a great deal of choice when transferring your pension into a QROPS. By looking at the tax rates and pension regulations for different participating countries, as well as the benefits of different pension schemes, you can find the overseas pension that's right for your needs.
If you've ever asked 'is a pension transfer right for you?' then speak to our FSA regulated QROPS advisors today: Info@cyprus-mortgages.co.uk