Expats wake up. As an Expat with a UK pension should you care, about QROPS?
As an expat, with everything else going on in your life, you can be forgiven if you have never heard of QROPS. This article is not intended to bore the pants off you. I have read so many articles on QROPS that do just that. So I know that after the first twenty words or so you will be off to look at something far more interesting.
I know this is not the most riveting of subjects, but please hang on and try to keep awake. If you are an expat who never intends to return to the UK, or have not yet made your mind up. Then you need to get it into your head that you can improve the value and the benefits of your existing UK pensions far beyond the wildest dreams of the average pension holder who is forced to remain in the UK schemes.
If you have never heard of QROPS but you have a UK pension it is very important that you take advice. If you do not, you will miss out big time. If you are still awake. Can I ask you the question, do you care?
Well you should. I cannot stress how much you can improve both the return and benefits, by transferring your pension, if it is right for you.
So now you know!
Let's get some of the misconceptions out of the way.
First is it safe?
Do you really want to give your hard earned UK pensions to a stranger? Yes it is safe. Your pension money can only be transferred to a scheme recognised by UK HMCR. The money goes from your UK scheme direct to the Transferring scheme Trust. During this process at no time can anyone steal your money, as it goes from trust account to trust account.
Can I take all the money out after it has been transferred?
No the maximum that can be taken as cash is 25%. There were cases when QROPS first appeared that lead to problems. This was were people were encourage to transfer to schemes that suggested that they would be able to then take 100% of their pension fund in cash. QROPS transfers are very beneficial, but not to that degree.
What about the benefits.
Can I pay less Tax?
Yes with the right advice. It is possible to reduce both income tax and IHT down to zero. Yes Zero.
What are the other benefits?
Virtually no limitation on where you can invest. So you can build up a larger pot.
You do not have to buy a pension annuity with your money, it can remain invested, and continue to grow. Into even a bigger pot. So more income when you want to take it.
If you die even after taking income the whole pot can be left to who you like. Try doing that with a UK scheme.
Last but not least, a UK pension scheme can only pay you in GBP. If you live in Euro zone look what has happened to your exchange rate over the last eight years. A QROPS scheme can hold multi currencies. So you can take out Euros when you are in Spain, France, Italy, Germany, etc, and GBP when in the UK. Without any currency exchange.
But to do all this properly, you must take advice.
Chartered Insurance Institute qualified, and with twenty years experience of pension transfers.
www.pension-transfers-qrops.com
I know this is not the most riveting of subjects, but please hang on and try to keep awake. If you are an expat who never intends to return to the UK, or have not yet made your mind up. Then you need to get it into your head that you can improve the value and the benefits of your existing UK pensions far beyond the wildest dreams of the average pension holder who is forced to remain in the UK schemes.
If you have never heard of QROPS but you have a UK pension it is very important that you take advice. If you do not, you will miss out big time. If you are still awake. Can I ask you the question, do you care?
Well you should. I cannot stress how much you can improve both the return and benefits, by transferring your pension, if it is right for you.
So now you know!
Let's get some of the misconceptions out of the way.
First is it safe?
Do you really want to give your hard earned UK pensions to a stranger? Yes it is safe. Your pension money can only be transferred to a scheme recognised by UK HMCR. The money goes from your UK scheme direct to the Transferring scheme Trust. During this process at no time can anyone steal your money, as it goes from trust account to trust account.
Can I take all the money out after it has been transferred?
No the maximum that can be taken as cash is 25%. There were cases when QROPS first appeared that lead to problems. This was were people were encourage to transfer to schemes that suggested that they would be able to then take 100% of their pension fund in cash. QROPS transfers are very beneficial, but not to that degree.
What about the benefits.
Can I pay less Tax?
Yes with the right advice. It is possible to reduce both income tax and IHT down to zero. Yes Zero.
What are the other benefits?
Virtually no limitation on where you can invest. So you can build up a larger pot.
You do not have to buy a pension annuity with your money, it can remain invested, and continue to grow. Into even a bigger pot. So more income when you want to take it.
If you die even after taking income the whole pot can be left to who you like. Try doing that with a UK scheme.
Last but not least, a UK pension scheme can only pay you in GBP. If you live in Euro zone look what has happened to your exchange rate over the last eight years. A QROPS scheme can hold multi currencies. So you can take out Euros when you are in Spain, France, Italy, Germany, etc, and GBP when in the UK. Without any currency exchange.
But to do all this properly, you must take advice.
Chartered Insurance Institute qualified, and with twenty years experience of pension transfers.
www.pension-transfers-qrops.com