QROPS - Moving Your UK Pension Offshore
Do you have a UK pension fund (whether a UK citizen or not)?
Do you live outside the UK, or plan to?
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?
Do you have an existing QROPS that you want to verify to be the best for you?
 |
If so you may be able to enjoy significant benefits by transferring your pension fund to a Qualifying Registered Offshore Pension Scheme or "QROPS".
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*.
After careful examination of different approaches, Sinclair James has chosen to partner with Close Asset Management
of Guernsey, part of 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.
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.
Adrian Flambard of Close AM outlines the opportunity that QROPS presents those living outside the UK, whether British citizens or not:
"Until
recently, British and other 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.
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 include: 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.
- no Inheritance tax on pension assets left to nominated beneficiaries
- a wider choice of investments available than for UK pension plans
- more flexible income payments than can be taken from a UK plan
- choice in currencies for investments and payments to avoid fluctuations
- payments pay tax of the offshore centre instead of UK Income Tax