QROPS (Qualifying Recognised Overseas Pension Scheme)
QROPS seems to be a very misunderstood subject, where in fact it is quite simple.
Many ex-pats are aware that this is available but are not familiar with how it works and who to contact. I have spoken to many people who have contacted their pension providers in the UK and have been told that they can do nothing until their selected retirement age. As far as you being resident in the UK that is quite correct, you may draw benefits now from age 55 So, we all think that nothing can be done, wrong! Please read on.
In April 2006 the British Government passed legislation stating that ‘any British person living outside the UK, or is intending to do so, is eligible to transfer their whole pension fund tax free via a QROPS’. As long as you are between the ages of 18 and 75, subject to other criteria, it may be possible to draw benefits prior to your selected retirement age.
All pensions are designed to give you an income in retirement; it is as simple as that, however pension funds of say less than £100,000 for example, would not provide sufficient income for a family to live on. It may be the case that to take benefits early would not be the correct solution, for example certain pensions with guaranteed annuity rates may be best left alone and it is imperative that each client is treated on an individual basis.
Anyone aged between 18 and 75 years of age who is living outside the UK and has a frozen personal or company pension in the UK is eligible to transfer their whole pension fund, tax free; via QROPS. This also applies to Income Drawdown plans, SIPPs and SSAS’s.
Finally, good news for all UK Expat pensions. Unlock your Pension today!!For more information and a FREE, no obligation review of your benefits Contact: Info@accessyourukpension.es or Call us on 00 34951047209
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