Qrops – Get Relief From The Ever-changing Uk Pension Rules

By Author: Peter Parker
Total Articles: 25
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QROPS is a scheme which can be used by UK pensioners to transfer their pension overseas by becoming non UK residents for a significant period of time. It is fully approved by Her Majesty’s Revenue and Customs (HMRC) and designed specifically for non UK residents that have UK pensions.

HMRC QROPS is a completely legal and secure financial product which can benefit UK pensioners moving out of the country in multiple ways. Pensioners use Qualifying Recognised Overseas Pension Scheme because it negates the need to move their pension to their new resident country. For instance, if a British citizen has moved to Spain permanently, they can move their pension fund to Qualifying Recognized Overseas Pension scheme in Guernsey or the Isle of Man and enjoy the QROPS benefits.

If your UK pension is worth 1, 00,000 or more, the benefits of using QROPS can be enormous. You can access a tax free lump sum upon QROPS transfers and enjoy the benefits of a tax free income and withdrawal benefits after completing five years as a non UK resident. You are also spared the hassle and the inconvenience of buying an annuity.

You ...
... must use the services of reputable QROPS providers to know how QROPS pensions can be moved to a country of your choice to maximize benefits from your pension pot in the future. A closer look at the many benefits that the scheme offers can help you make the right decision now.

Benefits:

•Unused portion of the pension funds can be handed over to beneficiaries in a manner that is extremely tax friendly
•You get freedom from investment and currency holdings
•You can receive pension payments in local currency conveniently
•The scheme is low cost and adds to your savings in the long term
•You get relief from the constantly changing UK pension rules

If the value of your pension fund is around 80,000 GBP, you can easily qualify for a transfer into a QROPS. It is imperative that you take expert QROPS advice from independent financial consultants before you commit your pension to a QROPS transfer.

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