Our pensions have been consistently mismanaged for years. They have been locked down and wasted for years. But now as an Expat or no longer a resident of the UK you have an option. An option to access your UK pension 100%. Ask about QROPS and what it can do for you!
What are your Options?
Protect your Investment!
Protect your Inheritance!
Protect your Future!
Who Are We?
We represent a network of Qualified UK Financial Advisors spanning throughout Europe and the Middle East. This site was designed to bring together...Read More
What is Qrops?
QROPS are private pension schemes sanctioned by the UK government allowing British expats or anyone who has worked in the UK to move their private pension out of the UK... Read More
Is This Legal?
Moving your pension into a QROPS is 100% legal and 100% sanctioned by the HMRC. You can only move your pension into an HMRC approved QROPS provider so there is no chance of you losing your pension...Read More
How do I choose the right QROPS Provider?
This is where we come in. Utilising our network of some of the best Financial Advisors in the market we will bring the advisor to you and they will provide you with the best choice for you and your circumstances!
Now that I have my money what do I do with it?
Releasing your UK Pension isn't the end of the story is it? Once you have your money you need to create a plan to safeguard your pot into low cost offshore bank accounts or solid investment choices....Read More
Impending Changes to QROPS
In an attempt to stop QROPS transfers being used to enable full access to ones’ private pension, once UK tax rules no longer apply, HMRC has announced possible changes to the rules governing the QROPS system.
The changes are due to come into effect on April 6th, 2012. In summary, the suggested changes by HMRC are as follows:
- Currently the Trustees of a QROPS scheme are required to report to HMRC any payments to members for a period of five years since the member has become a UK non-resident. With the proposed changes the reporting will be from the date of transfer not the date of non-residency and the period will be 10 years instead of 5.
- Within these 10 years of the pension being transferred to a QROPS, any and all payments or transfers must be reported to the HMRC within 60 days.
- The UK pension scheme, which the pension currently belongs to, will also need to report to HMRC any members transferring into a QROPS within 30 days of the transfer.
- QROPS will be required to retain 70% of the pension to provide an income in the future at age 55. Only 30% will be available from a QROPS as a tax-free lump sum from age 55.
The suggested changes affect only those looking to access the full amount of the pension pot. What the changes do not affect though are the real benefits of moving your private pension into a QROPS scheme.
A QROPS scheme will provide real benefits against a UK Pension Scheme.
NO ANNUITY: With annuity rates being ridiculously low and no prospect in the near future of them recovering it is absolute madness to be forced into buying one. Well, in a QROPS you no longer have to.
NO INHERITANCE TAX: 35% for deaths before 6 April 2011 / 55 per cent for deaths after 6 April 2011 . In a QROPS the Inheritance Tax is 0%.
INCOME TAX: Where as in the UK you will have to pay income tax a QROPS scheme falls out of UK tax jurisdiction meaning that you will only have to pay the rates charged by the jurisdiction the scheme is based in. In some jurisdictions the rate is 0% and in all other available jurisdictions the rate is significantly lower than the UK.
NO CURRENCY RISK: By moving your pension into a QROPS you have the option to receive your pension benefit payments in the local currency of the country you are living in. With the fluctuating exchange rate as it has been the past few years and may be in the foreseeable future, receiving your pension benefits payments in UK sterling may prove very costly.
LOWER CHARGES/ INVESTMENT ALLOCATION: Many documentaries and articles have been played and published concerning the exorbitant fees and the mismanagement of pension funds by the powerhouses in the UK (look up the Panorama episode called Who took my Pension?, which had a very good breakdown of how pensions have been shrinking these past few years). QROPS providers have significantly lower set up and running costs and their fee structures are transparent. Also QROPS providers offer a much wider choice for investment allowing flexible plans to suit your own circumstances.
PROTECTION OF ASSETS: Under certain QROPS schemes your pension falls out of UK legal jurisdiction thus enabling greater protection against creditors and claimants.
A single article could not cover the full list of benefits that are available for someone looking for a better option for their pension. We would strongly suggest that you talk to an independent financial advisor (IFA) about the right QROPS scheme for your circumstances. Our network of IFAs around Europe has helped thousands of people with expert advice on how best to handle their pensions. Email us on info@accessyourukpension.es or call us on 0034 951 047 209 and we will get an IFA near you to get in contact with you.
