Plan Your Retirement With Qrops Pensions

By Author: simmi
Total Articles: 7
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A Qualifying Recognised Overseas Pension Scheme or QROPS is any pension plan officially recognised by HMRC (Her Majesty's Revenue and Customs) which allows individuals to transfer their UK pensions to overseas destinations. There are foreign nationals who work with UK companies all their lives and after retirement look to transfer their pension funds and settle back in their respective countries. Targeting these people in particular, the UK government introduced QROPS pensions in 2006 to simplify the process of pension transfers.
Prior to the launch of QROPS, the UK pension laws were discouraging and death taxes have risen to 55%. However, with the introduction of QROPS, all such barriers were removed. Now, as members of any UK registered pension scheme, individuals could transfer their pension funds to overseas schemes authorised by HMRC. This made it possible for a pension fund to be governed solely by the tax requirements of an overseas jurisdiction, eliminating the need to pay the UK income or death tax.
Obvious Benefits of QROPS Pensions
With the introduction ...
... of QROPS pensions, UK pension holders have gained several advantages in terms of investment and taxation.Let's consider some of the apparent benefits of opting for HMRC QROPS:
 Freedom to choose currency.
 Freedom from IHT on your pension fund.
 Greater flexibility with investments
 Safety from future creditors.
 25%or more tax free lump sum.
 Choice of leaving 100% of pension to anelected beneficiary.
Given the investment and tax-friendly nature of the HMRC QROPS, it becomes plain that now you don't need to worry at all if you intend to emigrate to a foreign country after retirement. Your hard-earned, lifelong earnings will be available to you as regular income in your overseas country of residence without any UK tax obligations.

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