QROPSQualifying Recognised Overseas Pension Scheme (UK)
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com has previously reported on George Osborne's plans for pension transfers and the looming inability for these types of final salary schemes to be transferred to a QROPS means that expats need to act quickly if they are to take full advantage of the benefits of transferring a UK pension overseas.
QROPS have experienced a year-on-year growth since they were introduced in 2006, and are set to become even more in demand as knowledge of their vast benefits increases.
With the ten years of experience, Paul Hinstridge joins Kreston Pensions (IOM), in the offshore industry and would aid the firm in advancing the firm after its registration as a QROPS provider with HM Revenue & Customs in June.
A thorough analysis of all the ins and outs should be made, before you reach any decision about whether a QROPS scheme is right for you.
By transferring your pension to a QROPS there is no need to convert to an endowment so your dependents can inherit the remaining capital when you die.
As a condition of being granted QROPS status, you will have to agree to report all payments made to you from the scheme in the first five complete UK tax years of your overseas residency to the HMRC - this period is known as the "reporting period.
Spectrum advisers are here to help people, the clients, with the many complex financial and tax issues that people are confronted with: retirement and pension planning including QROPS, Life Assurance, efficient investing (using Insurance wrappers), succession and inheritance tax planning, currency exchange and many more.
Abacus, a major provider of fiduciary services has announced the launch of the Falcon Plan, the company's new Malta QROPS product.
Within Switzerland, however, you can transfer your QROPS to a "Freizugigkeitsstiftung" (flexible fund) which is also approved by the HMRC.
The UK government has already decided to change the rules of its bizarrely named QROPS (Qualifying Recognised Overseas Pension Schemes, if you must know), which were introduced in 2006 to let expats move their pensions offshore if they plan to retire abroad.
The main advantage of QROPS is that it does not require you to purchase an annuity and potentially provide you with a higher tax-free cash sum.
Pension savers have shifted nearly half a billion pounds into offshore pension schemes commonly known as QROPS (Qualifying Registered Overseas Pension Schemes) in an attempt to avoid this tax charge.