For UK Expats or anyone considering living on foreign shores, leaving Pensions in the UK has been a problem both for control and how to take benefits in a tax efficient way. This has now changed. Real advantages are now available with a little planning and advice which gives Pensions the flexibility we would all like.
Don’t miss out on this valuable planning tool.
Any questions about Offshore Personal Pensions please call us now on:
+44 1823 250 779 (Outside UK)
01823 250 779 (inside UK)
for a free informal discussion.
Or email g.barlow@lloydwhyte.com with your query or ask us to call you
back.
HM Revenue and Customs now allows you to move UK Personal Pensions offshore allowing you to benefit from International Pension rules. Transfers are done via HM Revenue and Customs approved schemes called "QROPS" or "Qualified Recognized Overseas Pensions Scheme". A transfer can take place to an approved scheme even before you become a non UK resident so long as you have an intention to do so at some point in the future.
QROPS: Potential benefits of transferring UK pension rights offshore:
• No UK restrictions on the level of income taken at retirement after five full UK tax years. A principle of providing a lifetime income still applies.
• No requirement to buy an annuity at any age.
• On death pass the fund intact to spouse and heirs’ inheritance tax free
These are just some of the unique benefits plus the
security and protection of dealing with a UK based and authorised FSA
Regulated Independent Financial Advisory firm.
These pages
are specifically designed to provide information for UK Expatriates
and individuals considering becoming non-resident from the UK.
Pension and investment values and income arising from them can
fall as well as rise.
QROPS- What It is?
A QROPS is the top of the tree in HMRC’s eyes when it comes to foreign pension schemes. Any QROPS can accept transfers from a UK registered pension scheme.
However, even if all the requirements are met, HMRC can refuse to recognise an overseas scheme (for instance if it doesn’t provide all the information it said it would).
International Retirement & Savings Plans
This is a guide to the features and benefits you would expect from an authorised QROPS.
Where, how much and is a QROPS right for me?
Having an awareness of where your QROPS is essential. Learning how the regulatory regime works in far away shores and whether there is Government backed controls can be a hurdle and perhaps a risk not worth taking.
UK Pensions
UK Personal Pension funds can be transferred into QROPS either before the member takes pension benefit or even once they are receiving income from a Pension such as income drawdown currently in payment.
This information does not constitute
advice and we cannot accept responsibility for its interpretation or
any future changes to law. Any advice and recommendations will be
given in writing.
Lloyd and Whyte Private Client Ltd is an appointed representative of Lloyd and Whyte (Financial Services) Ltd which is authorised and regulated by The Financial Services Authority. Visit the FSA’s website www.fsa.gov.uk/register/