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QROPS – UK
PENSION
TRANSFERS
QROPS: What
can I do with
my UK Pension
Scheme?
If you are a
non UK
residents with
a UK pension
fund did you
know that you
have the
ability to
"unlock" your
UK pension
funds and
release them
to a
Government
approved
offshore
location such
as Guernsey?
As well as the
potential
benefits
listed below
it is also
often possible
to transfer
the fund to
future
generations
upon death.
Transfers are
done via HM
Revenue and
Customs
approved
schemes called
"QROPS" or
"Qualified
Recognized
Overseas
Pensions
Scheme". A
transfer can
take place to
an approved
scheme as soon
as you become
a non UK
resident and
intend to
remain so for
the
foreseeable
future.
QROPS
transfers tend
to be suitable
if you have a
pension pot in
excess of
£50,000 and
typically can
include anyone
with: Deferred
benefits in
Company
Schemes;
Public Sector
Schemes such
as doctors,
nurses,
police, Armed
Forces; and
Personal
Pensions.
Transfers are
not available
for state
pensions or if
you have
already
purchased an
annuity.
QROPS:
Potential
benefits of
transferring
UK pension
rights
offshore:
Freedom to
Control
Investments
Flexibility
No requirement
to purchase an
Annuity
Access to
income and
capital
without
deduction of
tax
Minimum fund
value of
£50,000
All of the
above
advantages
become
possible after
you your UK
pension fund
has been
transferred to
a QROPS and
you have been
a non UK
resident for
five complete
tax years.
QROPS:
Independent
advice and
further
information:
The transfer
of pension
rights from
any UK
registered
pension scheme
is not a
matter to be
taken lightly.
Where the
transfer is
from a UK
occupational
pension scheme
any UK-based
adviser
advising on
such a
transfer must
be suitably
qualified and
have the
relevant
permission
granted by the
Financial
Services
Authority.
Arbutus
Finance and
Pensions work
closely with
our Associate
Partner
Advisory Firm
who are IFA
qualified and
specialise in
overseas
pension
transfers.
For further
information on
a non
obligation
basis please
contact Robert
Burns BA (Hons)
FCCA at:
finance@arbutus-business.com
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