A QROPS Guide for UK Pensioners
Do you need a QROPS Guide? If you are among the millions of British pensioners holding a passport and you want to try living abroad or may already be living abroad, you may want to consider Qualifying Recognised Overseas Pension Schemes or QROPS. This is a pension scheme that allows British expatriates to establish a fund in their host country in which to transfer all their British pensions into. QROPS is an overseas pension management system approved and recognized by Her Majesty’s Revenue and Customs. QROPS replaces your existing pension and enables pensioners to claim their benefits free of British tax.
A QROPS guide is highly essential for pensioners considering the scheme. The government’s oversight of the pensions industry has seen sweeping changes through the years. More stringent rules have been implemented to tighten rules that prevent citizens from using up their pension funds even before retirement and becoming a burden to the state. Make sure you checkout our Free QROPS Guide.
But with QROPS British nationals living abroad are given the freedom to manage their pensions in the country they are residing in. Since the enactment of the QROPS legislation in April 2006, many pensioners living abroad have reaped its benefits.
Now all British pensioners planning to reside in a foreign country qualify for QROPS but the approval of Her Majesty’s Revenue and Customs or HMRC is a requirement for setting up this overseas pension. Another requirement is that the QROPS provider needs to register and be under the jurisdiction of where its customer plans to reside in. This is usually a local affiliate or a satellite operation. Countries like the U.S., New Zealand and Canada plays host to these UK pensioners who have already established their QROPS. As a result the number of pension providers in these places is steadily increasing. We highly recomend taking professional QROPS Advice.
UK pensioners overseas and those planning to immigrate to another country now have the chance to optimize the income potential and growth of their pensions. QROPS are structured to offer a wide range of investment opportunities to the expatriate and they also enable pensioners to hold the monies in their own chosen currency. If structured correctly QROPS gives the pensioner full control of their pension portfolio and of their investment choices.
When the pensioner with a QROPS scheme has resided in another country for more than five years, the HMRC QROPS will cease requiring the QROPS provider to submit reports to the agency. If the QROPS holder resides in a country with low taxation or even no taxation then they will not be subject to taxation and they can collect all of their pension distributions absolutely free of all British taxation.
Free QROPS Guide
In certain selected jurisdictions, pension holders can even take out a lump sum even if they have already used up 25 percent of their pension in the UK. So whether you are a British national wanting to move to a place with warmer weather or an expatriate nearing retirement, you should consider establishing a QROPS to increase your pension’s flexibility and bring down or eliminate taxes. Fill in the form to the right for a FREE QROPS Guide.