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Do you have at least GBP25,000 in a UK pension fund (whether a UK citizen or not)?

Do you live outside the UK, or plan to?

Do you want to have more choice in your pension's investments?

Do you dislike having to buy an annuity when you retire?

Do you want to avoid paying Inheritance Tax on your estate when you die?

Do you dislike paying income tax on the pension payments you receive?

Do you prefer to have your pension in the currency of your choice?

Do you want to enjoy the protection and tax advantages of an offshore financial centre?

Do you want us to help you find any lost or forgotten pension funds you may have?   

If so you may be able to enjoy significant benefits by transferring your pension fund to a Qualifying Registered Offshore Pension Scheme or "QROPS".

After careful examination of different approaches, Sinclair James has chosen to partner with Close Brothers, an independent merchant bank group dating back to 1878 which employs over 1800 people and is one of the top 200 companies on the London Stock Exchange.

Here is their description of the opportunity that QROPS presents to many expatriates who have worked for British companies:

"Until recently, British expatriates with pension savings in inflexible UK based plans have had little option but to remain in their existing scheme leaving them little control over their investments or how they can receive benefits from them. In many cases, this can lead to inappropriate investment and currency choices or benefit options which may not be appropriate given the country in which they now live.

Following the introduction of new UK legislation, these problems can now be alleviated through a Qualifying Recognised Overseas Pension Scheme (QROPS) established outside of the UK and recognised by Her Majesty’s Revenue and Customs (HMRC) to accept almost all UK Pension Savings*. 

Rather than a domestic scheme in your new country of residence, a QROPS plan can be based in a neutral fiscal jurisdiction such as Guernsey, Isle of Man or Republic of Ireland where the relevant pension rules allow significant advantages and greater flexibility than UK plans.

The key benefits of a QROPS may include:

No requirement to purchase an insurance company annuity which means you retain control of the pension assets.

The ability to pass on remaining pension assets to nominated beneficiaries on death.

A wider choice of acceptable investments offered over UK plans.

Greater flexibility around the level and manner of income payments which can be taken from the plan.

The underlying investments and income payments can be denominated in a choice of currencies to reduce the risk of currency fluctuations.

Where held offshore, income payments made without the deduction of UK Income Tax with income tax payable as appropriate in the jurisdiction in which it’s received.

 If you are an expatriate or are intending to become an expatriate, you should review your pensions ensuring you take appropriate professional advice on the benefits of transferring your pension to a QROPS. However, the message is clear; if you are considering relocating abroad, don’t forget your pension fund could move as well."

If you want to know more about this exciting opportunity to get more control of and performance from your pension, at a time of low annuity rates, demographic pressure and declining state pension provision, please This e-mail address is being protected from spambots. You need JavaScript enabled to view it or use an enquiry form.