QROPS Pensions - How Do I Know If This Is Right For Me?

If you have a UK Personal or Company frozen pension and you are now living overseas, you need to take a look at QROPS. To give it its full title, a Qualifying recognised overseas pension scheme, QROPS transfers have been around since 2006 when they were forced on the UK government by one an EU directive.

qrops

New rules came in on April 6, 2012 meaning new QROPS plans can no longer be established in Guernsey by anyone other than Guernsey residents. Existing holders of Guernsey QROPS are not affected. QROPS can still be established in other jurisdictions, and continue to offer major advantages to expatriates wishing to take control of their own financial affairs and secure their retirement.

For more details on the background to the changes, click here or contact us.

qrops

IF YOU
Intend to live abroad or are already resident abroad and have a UK PERSONAL or COMPANY pension plan (QROPS does NOT cover the transfer of State Pension Schemes)

YOU CAN
Transfer your personal or company pension out of the UK pension legislation to another countries jurisdiction that has been QROPS approved by the UK Government

WHERE YOU CAN
Take advantage of those countries “less restricted” rules to pensions.That is the beauty of QROPS, it offers more flexibility with regard to your pensions than you would have leaving it in a Personal Or Company UK scheme.

As you can appreciate it is not something welcomed by the UK Government BUT for once, the EU have given you more control over your pension and how you want to manage it in your present lifetime

qrops
The country you transfer it you does not have to be the same country you retire to. So for example you could retire to Spain but transfer your pension to a Channel Islands QROPS scheme because they offer the best deal for you as to what you want from your pension

That’s where we come in. We at the QROPS Help Centre offer suitably qualified QROPS advisors that can look at your present pension, understand your requirements and then recommend a suitably recognised QROPS scheme that does what you want it to do whether that be a scheme in the USA, Gibraltar, Guernsey, Isle Of Man etc

The Help Centre's recommended IFA's offer a variety of cost saving measures ensuring you benefit from independent advice that secures the lowest cost solutions whilst still maintaining complete quality of service. Such SAVINGS include;
  • Discounted Rates on Qrops Transfers
  • IFA Fees Paid By The Qrops Solution Provider
  • Cash Rebates

If You Are Going To Retire Soon, QROPS Could Be The Answer

They are great if you are about to retire to the USA, Spain, France, wherever or in fact if you already live outside the UK. A QROPS is like a UK pension on steroids. Anything good that a UK pension scheme can do once you leave the UK, a QROPS can do better. In fact you would be mad not to have a QROPS given the extra benefits they give you. Some Additional Features of Transferring to a QROPS:

  • Custom QROPS Solutions - Exactly right for YOU
  • No UK tax to pay. Lump sum options
  • Combine existing plans into one
  • Self Invest/Managed Fund options

So, if you have a UK pension and presently live abroad or intend to move abroad, fill out the simple form on the right hand side and we will get back to you with QROPS advisors suitably qualified to provide impartial pension advice and hopefully give you far more benefit with regard to your pension scheme in years to come.

QROPS Pensions - Worth Doing

The answer is undoubtedly YES. A QROPS transfer is worth doing but must be undertaken at a realistic price that will allow your investment to grow at a rate higher than if you had left it in the UK.

This poses another question. How do I know if my QROPS will grow at a rate higher than if I had left my pension in the UK? This is where a thing called a TVA (Transfer Value Analysis) comes in. Any reputable IFA will undertake a TVA as part of the transfer process. This is a projection of what the QROPS could produce as a fund value at your retirement date. It clearly shows in financial terms how the proposed QROPS transfer compares to your existing UK pension scheme.

Never Undertake A QROPS Transfer Without A TVA

If you would like to arrange a no obligation assessment of your UK pension including a TVA report from a certified C11 G60 QUALIFIED IFA , contact us by filling in the Contact form on the right. Once received and processed, we will put you directly in contact with suitably qualified IFA's that can offer the best solution for your needs.

For more information, visit the HMRC website here.