Looking For A Qrops Specialist?

By Author: simmi
Total Articles: 7
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Are you an expat who is looking at QROPS as a better substitute for your UK pensions? Do you have plans to settle overseas after retirement? Just what exactly is QROPS?

A QROPS or Qualifying Recognised Overseas Pension Scheme is a UK government initiative launched in April 2006 to simplify pensions. This is good news if you are planning to emigrate or have already done so and have a UK pension plan.

HM Revenue and Customs allow transfer of your accumulated pension funds to foreign jurisdictions under the QROPS initiative. Under current rules, various types of UK pension schemes can be transferred into QROPS, such asSelf Invested Personal Pensions (SIPPs), occupational pensions, personal pensions, pensions used for contracting out-of-state earnings related pension schemes (State Second Pension) and Stakeholder pensions.

Determining the suitability of QROPS in an individual circumstance depends on various factors like intention to reside abroad, existing options to create pension income upon retiring, your current ...
... resident status in UK or abroad, etc. However, the most basis criterion is met if you have been a non UK resident for five consecutive tax years.Upon fulfilment of this condition, according to rules laid down by HMRC, the QROPS of an individual will not be regulated by the UK government.

The real challenge arises in transferring to a QROPS, due to a series of rules and regulations that must be met. It makes good sense to seek out a QROPS specialist with a certain degree of experience in this area.A number of offshore QROPS advisers have set up shop and simply don’t follow the same rules as UK regulated advice. The whole objective of QROPS advice is to offer you sound financial guidance so you can sensibly decide upon the best QROPS plan for your circumstances.

Simmi writes for Gerard Associates LTD, for more information on QROPS advice , click on QROPS .