Qualifying Recognised Overseas Pension Schemes
The 2017 UK Budget imposed a 25% tax charge on the most common transfers made to QROPS.
Any expat in South East Asia would be subject to this.
Transfers to UK-based SIPPs are not affected by this, however.
Do you have a Frozen UK Pension?
If you’ve worked in the in the UK, there is a good chance you have accumulated either a personal or employer-based pension scheme.
In April 2015 significant changes were made to the UK pensions system. This was a ‘game changer’ for anyone with a deferred pension in the UK.
Having left the British Isles you may be less conscious of its performance or value now. You may also be unaware of the investment options you now have.
Deciding what to do with your UK pension and whether or not to transfer it is one of the biggest decisions for any expatriate. It’s certainly not an automatic ‘yes’ as some financial advisers would lead you to believe.
It’s likely that you don’t have the time and expertise to evaluate your pension, that’s why we’ve launched “The Meyado Pensions Audit Service”
We can help you with the following key questions:
- How will the changes impact your pension?
- What are the pension ‘banana skins’ you should be aware of?
- Can I access my pension fund and what are the tax consequences?
- What are the considerations when retiring overseas or back in the UK?
- What are the tax considerations?
- How can you pass on your pension pot to your loved ones after you die?
We’ve helped thousands of clients over the years and would welcome the opportunity of working alongside you too. That’s why we’re offering you a free consultation with “The Meyado Pensions Audit Service” to help you to understand more about your existing UK pension and the key considerations.
Some of our clients have transferred their pensions offshore to a ‘Qualifying Recognised Overseas Pension Scheme’ (QROPS). There are a number of reasons why they decided to do this – the most obvious being that they are not planning to retire in the UK. But even if you are planning to return to the UK, QROPS can still offer substantial benefits:
- No requirement to buy an annuity
- Lower taxation on income
- Avoid taxation of all or part of the fund on your death
- Much greater investment choice
- Diversify into other currencies – not just Sterling
- Increase your tax-free lump sum on retirement
- Avoid the possibility of future UK government pension changes
- Reduced risk by removing exposure to failing defined benefit pension schemes
You have everything to gain and nothing to lose with a free consultation.
Contact us to discuss further.