Qrops Helps You Drive Your Finances Forward Post Retirement

By Author: Peter Parker
Total Articles: 25
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QROPS is the biggest change in the country’s financial laws since the Finance Act 2004, according to tax experts. The purpose of the qualifying recognized overseas pension scheme is to have a uniform regime for pensioners. An individual who leaves to reside outside the UK and transfers the pension to their chosen country will have broadly the same position as someone who stays in the UK with their pension savings.

The HMRC QROPS draft regulation states certain important conditions that a scheme must satisfy to remain as a QROPS. You can now maximize the value of your UK pension fund if you have planned to live outside the UK for a considerable period of time. If you are frustrated to find yourself in a position where you are unable to access an asset until you reach 55 years of age, then the qualifying recognized overseas pension plan can give you the flexibility that you were looking for.

The good news is that transferring your UK pension funds to a QROPS is not as expensive as it was in the past. If you research the market, you can come across QROPS providers offering services at a considerably lower rate. ...
... QROPS transfers are now possible to a wider choice of jurisdictions making you task that much easier.

QROPS pensions plan offers expats exciting planning opportunities which cannot be enjoyed currently by UK residents. Long term expats can have the attractive option of release of fund as a lump sum which can be used straightaway. Maximizing the outcome of your UK pension fund can mean getting access to a lump sum now for re-investment, to pay off your credit card debts or even for realizing an entrepreneurial dream.

There are other advantages of transferring funds to a QROPS. It gives you the flexibility to access funds at any time between 50 and 75 years of age with the possibility of access to funds outside these age restrictions. Importantly, you don’t have to purchase an annuity and get access to income and capital without deduction of tax.

QROPS advice from independent financial experts can help you understand the complex areas of QROPS schemes better before you make any investment.

Harris works at Gerard Associates, which is a Financial Services Authority authorised and regulated firm with offices in Bristol and Tiverton. For more information about Pension drawdown and Income Drawdown. please visit us at GerardAssociates.co.uk