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QROP Direct aims to provide British expatriates and individuals with UK pension schemes information and guidance about moving their UK pension overseas.
  

What are QROPS?

What exactly are QROPS and are they right for you? QROPDirect has compiled this “jargon-free”, impartial guide for your reference...

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What are SIPPS?

Need to know more information about SIPPS? We’ve written this straightforward guide to help you better understand them...

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Savings for Retirement

How much should you save for your retirement? What will happen to your money? How can you achieve your objectives?...

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What are QROPS?

Quite simply, a QROPS is a pension plan that; “Qualifies” with HM Revenue and Customs (HMRC) rules, is officially “Recognised” by HMRC, is “Overseas”, i.e. outside of the UK and is set up in trust as a legal “Pension Scheme”, hence the acronym. A QROPS therefore, can accept a UK pension transfer just like any UK based scheme. The benefits of transferring your fund into a QROPS include increased tax efficiency, flexibility, total investment freedom and large growth opportunities – to name just a few.

For most people, their pension is probably their second most valuable asset after their family home, so benefits really make a big difference, and can dramatically improve life in retirement.

“QROPS is An Overseas Pension Scheme that can accept a UK pension transfer” Download HMRC’s most up to date list QROPS

Around 300,000 to 500,000 Britons leave the UK every year to start a new life overseas. The big demand for overseas pension benefits is the key reason behind the birth, development and refinement of QROPS and many thousands of expats have transferred their UK pension into a QROPS since the schemes were launched. Because of the potential benefits to be derived from transferring a UK pension abroad, this demand shows no sign of slowing.

The capacity for QROPS to simplify an individual’s retirement has assisted as well. With a QROPS, it is much easier to switch from out-of-date arrangements, and consolidate a number of pension schemes under one roof.

Please note you cannot transfer a UK state pension or an annuity into a QROPS.


How did QROPS come about?
How did QROPS come about?

UK pension scheme have traditionally been restricted by many limitations and regulations; ...

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Qrops Five Year Rule
What is the “Five Year” Rule?

QROPS offer some important advantages that no other type of pension scheme can give you ...

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What are the Benefits of QROPS?
What are the Benefits of QROPS?

UK pension scheme have traditionally been restricted by many limitations and regulations; ...

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Which QROPS Jurisdiction is best for me?
Which QROPS Jurisdiction is best for me?

Basically, a QROPS jurisdiction is the country where your UK pension ...

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Warning - QROPS and the US
Warning - QROPS and the US

Careful consideration needs be taken if you are a USA resident or planning to retire...

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What is the process?
What is the process?

The process one needs to undergo to transfer there UK pension scheme to a QROPS...

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What does a QROPS cost?
What does a QROPS cost?

Most QROPS fees are fixed monetary amounts and usually consist of a set-up fee ....

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What other things should I consider?
What other things should I consider?

QROPS are not right for everybody. However, for most UK pension holders QROPS...

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FAQs

Are all QROPS the same?
Definitely not! Differences include when you can access the tax-free lump sum, how much you can take as income, what tax is payable on that income, and the fees and charges. This is why it is imperative you take expert, independent advice – so you learn the best option for your unique needs and circumstances.

Who can transfer their pension into a QROPS?
If you have a UK pension it is likely that you can transfer your pension fund into a QROPS – providing you have not bought an annuity. However, as of the 5th April 2015, members of UK public sector or civil service schemes with defined benefits (final salary schemes) where blocked from transferring their benefits to QROPS. We believe that this restriction is still under review and if you are a member of such a scheme and believe QROPS is right for you then we would still recommend contacting your scheme trustees to see if they will approve a transfer to QROPS. Read More...

Can I make further contributions to my QROPS?
Yes, you can continue making regular or ad-hoc contributions to your QROPS if you are not already drawing an income from your scheme. In fact many people use their QROPS as a tax efficient “wrapper” to accumulate extra wealth while they are still working offshore in order to qualify for low tax on their income in retirement.>

How do I get my income from a QROPS?
If you are a QROPS member, you can usually dictate to your scheme trustees when and where you would like to receive your pension income. The maximum amount of income you can take in any one year is calculated by your QROPS trustee annually. You can normally elect whether or not to draw this income and whether to take it on a monthly, quarterly, bi-annual or annual basis. Read More...

Can I take 100% of my QROPS fund as a lump sum?
No, as your retirement fund needs to be able to provide income for you for the whole of your retirement, HMRC has set the maximum tax-free lump sum limit to 30%. Some jurisdictions do allow additional payments however. You should speak to an advisor for more details. Read More...

What happens if I go back to the UK in the future, can I still benefit from QROPS?
If you transfer your fund into a QROPS and return to the UK after being non-resident for tax purposes for five full tax years, there is no requirement to transfer your fund back to a UK pension scheme. In fact, there are significant advantages – such as only being taxed on 90% of your pension income. Read More...

Getting proper advice
Pensions are complex and confusing, so it pays to take expert advice. To help with this, Global has teamed up with a number of leading QROPS trustees and UK based private banks and wealth managers. Please feel free to get in touch with us in order to help understand the most suitable QROPS based on your location and requirements. In addition, we will only ever transfer your fund into a QROPS which is 100% approved by HMRC.

What is the next step?
If you would like the benefit of a free initial consultation, qualified financial advisor will help you gather information about your UK pension and supply you with a full report on the QROPS solution which is right for you. The report will include expert financial advice regarding your current UK pension benefits, a critical yield analysis, a breakdown of the jurisdiction which best matches your needs, and your optimal QROPS solution. Read More...

Disclaimer

QROPDirect does not warrant, either expressly or implied, the accuracy, timeliness, or appropriateness of the information contained on this website. The information contained herein is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved and your country of residence.

Before making any decision or taking any action, you should consult a qualified Financial Advisor. QROPDirect disclaims any responsibility for content errors, omissions, or infringing material and disclaims any responsibility associated with relying on the information provided on this website. This material has been prepared for informational purposes only without regard to any particular user’s investment objectives, financial situation, or means, and QROPDirect is in no way whatsoever soliciting any action based upon it.

This material is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any particular trading strategy in any jurisdiction in which such an offer or solicitation, or trading strategy would be illegal.

Certain transactions, including but not limited to those involving futures, options, and high-yield securities, give rise to substantial risk and are not suitable for all investors. The fact that QROPDirect has made this website available to you neither constitutes;

(i) A recommendation that you enter into a particular transaction, nor
(ii) A representation that any product described herein is suitable or appropriate for you.

You should not enter into any transactions unless you have fully understood all such risks. You should neither construe any of the material contained herein as business, financial, investment, hedging, trading, legal, regulatory, tax, or accounting advice nor make this service the primary basis for any investment decisions made by or on behalf of you, your accountants, or your managed or fiduciary accounts, and you may want to consult your business advisor, lawyer, and tax and accounting advisors concerning any contemplated transactions.

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