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QROPS choices Guide to
Maximising Your UK Pension Whilst Living Abroad
Essential facts and information for making the most of your nest egg
QROPS Choices - Guides for British Abroad
The QROPS Choices Guide to: Maximising Your UK Pension Whilst Living Abroad www.qropschoices.QROPSchoices.Guides for British Abroad .com 2 QROPS Choices .com The QROPS Choices guide to Maximising Your UK Pension Whilst Living Abroad What Are Your Options? QROPS choices Introduction 3 An introduction to QROPS – and the benefits if you have a UK Pension 4 QROPS Benefits 5 About QROPS 6 FAQ 7 Costs 10 Further Info & Advice 11 Next Step 12 ©2012 The content of this guide is copyright protected and nothing may be copied out of this guide without credit and a link back to www.
qropschoices. The QROPS Choices UK Pension Report is complied by industry experts and is designed to highlight some of the vast savings and financial opportunities available to you. Disclaimer: This document has been prepared for general information purposes only based on journalistic research.The QROPS Choices Guide to: Maximising Your UK Pension Whilst Living Abroad www. Before making an investment or applying for any scheme or contract mentioned in this document you should seek professional advice. – if you would like assistance from the QROPS Choices team please get in touch advice@qropschoices. this report is essential reading to ensure that you do not waste the massive financial opportunity available to you now that you live abroad. 3 QROPS Choices .000 Britons leave the UK for a new life overseas every year and that this figure is increasing in both the numbers of those relocating.com and we will contact you directly and do all we can to assist.QROPSchoices.com call us on +44 (0) 20 8123 2488 or complete the enquiry form on our website www. QROPS Choices are a premier international financial advisory group.com Introduction: It’s estimated that over 350. and in terms of the wealth of those emigrating. What’s more. offering an independent and comprehensive range of savings and investments to expatriate and international investors around the world. Individuals will require specialist advice from a suitably qualified professional wealth adviser before making any decision in relation to their eligibility for an offshore or onshore savings or investment vehicle. Whatever reason you have for becoming an expatriate. The report can be the catalyst for you finding financial solutions for your life abroad: however the information contained herein is generic. a recent report suggests that 47% of British people would like to or are intending to retire overseas.Guides for British Abroad . The information contained in this document does not nor is it intended to constitute comprehensive investment advice. Therefore if you have individual questions please do not hesitate to contact us.com Either e-mail us on advice@qropschoices.
expert advice.qropschoices.com 4 QROPS Choices . our aim is to maximise your expatriate status and help you achieve your financial goals by getting more out of YOUR Pension. If at anytime you need to speak to one of our specialist advisers then we can help you with this.The QROPS Choices Guide to: Maximising Your UK Pension Whilst Living Abroad www.com An introduction to QROPS We aim to provide you with all the answers and help you have been looking for in deciding if a QROPS may be right for you.and and the benefits if you have a UK Pension the financial benefits can be huge if planned correctly. We will only ever help you transfer to QROPS providers that are 100% approved by HM Revenue & Customs. flexibility and future financial security of your pension.Guides for British Abroad . analysis or friendly advice in plain English then we are here to help. You can contact us without obligation or charge and in total confidence you will be able to receive impartial. advice@qropschoices. or is planning to leave the UK can now transfer their existing pension provisions into a QROPS (Qualifying Recognised Overseas Pension Scheme) . Not only can you study the information contained in this guide but if at anytime you need more detailed information. Anyone with a UK pension scheme who now lives overseas as an expatriate. and we will advise you as to the best jurisdiction you should use. Contact us today for more information. Compiled by industry experts with over 20 years experience. improving the investment growth.
You can benefit from being able to invest into a more diversified range of asset classes. There are also huge gains to be made in Inheritance Tax Planning (IHT). • Protection against possible future creditors.Guides for British Abroad . • Much greater investment freedom. (depending on QROPS jurisdiction). QROPS pension arrangements will usually pass to the intended beneficiaries much more easily and quickly than would be the case in the UK. the value can be passed onto your loved ones and not straight into the Chancellor’s pockets. tax free at source • Onshore / offshore funds. or when your spouse dies. • Take income from your pension in a much more tax efficient way. then it means that when you die. • Take income and benefits in currency of your choice. total diversification. highest fixed deposit rates. then your pension fund doesn’t die with you. • Leave ALL unused pension funds to your beneficiaries free of tax at source. Most pensions are not being managed at case level therefore the benefits of being in control of your pension fund are immense for those living abroad. you are no longer under any obligation to buy an annuity.com QROPS Benefits • No need to EVER purchase an annuity or pay UK tax charge upon death.qropschoices. • Pension commencement lump sum of up to 30%.The QROPS Choices Guide to: Maximising Your UK Pension Whilst Living Abroad www. It means you’re your hard worked for pension can be passed onto beneficiaries in line with your wishes. 5 QROPS Choices . If you don’t have to buy an annuity. On an individual’s death. Furthermore.
in part to protect the tax revenues of the UK by taxing income from annuities and then taking any residual value on death.com About QROPS UK Pensions have traditionally been tied up in many layers of restriction and regulation. In April 2006 it was announced that British expatriates could move their pension benefits to a QROPS with the UK revenues approval. some of the restrictions have now been lifted.qropschoices. and in part to stop pensioners spending all their money in the first 5-10 years of retirement and then relying on the state. After you have read through the rest of our guide. the QROPS must be fully approved by HMRC. • Must be recognised for tax purposes in the country that the QROPS is established. The good news is that for those of us living overseas or about to move to a new life abroad. In order to be an eligible scheme.hmrc. A QROPS scheme may however. but also any potential pitfalls you should consider. and with the right advice the tax benefits can be immense. advice@qropschoices. greater income potential and more investment freedom than a UK pension.The QROPS Choices Guide to: Maximising Your UK Pension Whilst Living Abroad www. But where do you turn to next for the best advice? Best advice means not just telling you about the benefits. The normal UK minimum pension age of 55 will still normally apply before benefits can be taken. while complying with the above. then payments can be made to you at minimal rates of tax (although you may be liable to tax on the income dependent on your country of residence at the time of receipt). and a list of such schemes can be found at: www. we suggest you contact us for a discussion relating to all the points you should consider depending on your personal circumstances.gov. QROPS arrangements can offer considerably more flexibility. That’s where our free evaluation service becomes invaluable in helping you source expert advice and guidance.uk/pensionschemes/qrops.Guides for British Abroad .pdf If the QROPS provider is in a country where payments from such schemes are more tax efficient. be established in a country that taxes pensions at a minimal or even zero rate. A QROPS is a pension scheme set up outside the UK that: • Is regulated as a pension scheme in the country in which it was established. “UK Pensions have traditionally been tied up in many layers of restriction and regulation” Contact us today for more information.com 6 QROPS Choices .
Who may apply to transfer their pension into a QROPS? Anyone with a UK pension who lives overseas! Most of the schemes are not available to US citizens and there can be problems with US residents. If I transfer my UK pension into a QROPS will I have to buy an annuity? No. What investment choice and freedom will I have with a QROPS? The investment choice will normally be very wide indeed.The QROPS Choices Guide to: Maximising Your UK Pension Whilst Living Abroad www. or work with an investment manager / financial adviser. There is no limit to the size of funds that may be accumulated within a QROPS. contact us anyway as there is usually a solution to be found. however any other nationality may apply.com FAQ What is the minimum value I can transfer to a QROPS? In our experience the better schemes require funding of around 80. You may also appoint an investment manager to make the decisions for you or with you.000 GBP to keep the charges to a minimum.Guides for British Abroad . Under certain circumstances you can manage the assets yourself with total freedom. 7 QROPS Choices . However.000 GBP if you have other investable assets such as cash deposits or other investments. Without the need to purchase an annuity it means you can invest into better returning assets and gain the advantage of passing any remaining funds upon death to your loved ones. with the right advice. and in most cases this is one of the key benefits of a QROPS. It really depends what you are looking to achieve and how involved you would like to be with the investment decisions? We can arrange for an investment adviser to work with you by reviewing your QROPS fund assets and make recommendations to you on a quarterly basis. there are similar schemes available from 50. You can also hold cash deposits – often. at institutional rates. Whatever your situation and UK pension transfer value.qropschoices.
Usually benefits will be taken between the ages of 55 and 75. can I benefit? A QROPS can be used to receive transfer values from any UK registered pension scheme (other than annuities and with some UK occupational pensions) even where benefits have been taken. Dependent on your personal circumstances. significant inheritance tax planning opportunities are possible. It may still be beneficial to transfer to a QROPS if you are non-UK resident and intend to remain so for the long-term. What will happen to my QROPS pension fund upon my death? With the better QROPS schemes. An advised low cost SIPP may be the most beneficial option. This is because retirement funds that you have built up may need to provide an income for you and your dependents for the rest of your life and perhaps beyond. 8 QROPS Choices . How will any benefits or withdrawals be taxed? Most of the schemes recommend are at a minimum rate of tax. but it can be possible to access funds before or after these ages. The tax treatment of any income you receive will depend upon where you are tax resident at the time. by you as beneficiaries. I may go back to the UK in the future. although we do have specialist solutions available and you should contact us for further details.qropschoices. After the 5 years of non-UK residency there are fewer restrictions and access is something that you will need to discuss with your adviser.Guides for British Abroad .com How & when can I take benefits from my QROPS? There is generally considerable flexibility in the timing of taking benefits from a QROPS. There may be serious tax implications depending on your country of residence. can I still benefit? If you think there is a good chance that you will return to the UK within 5 years then you can still benefit from our free evaluation service. any funds remaining upon death of the individual will be paid to those nominated I have a UK SIPP and I have drawn an income. Once I’ve transferred my UK pension to a QROPS can I access my fund as a 100% lump sum? The answer to this is ‘no’.The QROPS Choices Guide to: Maximising Your UK Pension Whilst Living Abroad www. Please contact us for further information dependent on your circumstances.
transparency of charges and tax efficiency. Either e-mail us on advice@qropschoices. although in most situations we have come across so far. You do not need to know the exact value of your pension today but the more information you have available the better. Can I transfer funds and assets in my UK scheme or do I have to liquidate them into cash? This will depend on the pension provider you have and the assets that you hold.com How long will a transfer to a QROPS take? Transfers can take up to 2-3 months but sometimes can be much quicker.com and we will contact you directly and do all we can to assist. The process is initiated by you completing a letter of authority. What is the Relevance of the Letter of Authority? The LOA enables your adviser to get information from your pension provider of current benefits and a transfer value. Speak to one of our recommended advisers with a list of your holdings for further advice. Next steps Your next step should be to contact one of our approved advisers by requesting a call back for a confidential discussion.The QROPS Choices Guide to: Maximising Your UK Pension Whilst Living Abroad www. this would be one such situation that would need careful consideration and advice. If you have guaranteed annuity rates set many years ago when interest rates were much higher. what tax implications may there be? A transfer to a QROPS will be a benefit crystallisation and therefore will give rise to a tax charge if the amount exceeds the lifetime allowance (currently £1.com call us on +44 (0) 20 8123 2488 or complete the enquiry form on our website www. Full information on the QROPS scheme and most importantly the jurisdiction of the QROPS most appropriate to your personal situation will then be provided to you.qropschoices. This letter is not binding in any way and will only allow the adviser to receive details of the pension scheme you have. as long as you are non-UK resident and intend to remain so for a total of at least 5 years the benefits to you can be immense. 9 QROPS Choices . qualified intermediaries.5 million). investor protection. If your fund is in excess of this amount then please contact us for specialist advice.QROPSchoices. Can I organise a QROPS myself? No.Guides for British Abroad . Are there any circumstances in which I shouldn’t transfer to a QROPS? Yes there are. although the better schemes take in specific transfers easily. My pension fund is substantial. (sometimes called an LOA which gives access to information only). What are the key facts to look for in a good QROPS? Strong investor protection from a well established jurisdiction similar to the UK. QROPS providers will only take pension transfers through their appointed. Generally a transfer will be quicker if converted into cash. They will not be able to make any changes to your pension and this will be outlined clearly by any reputable adviser.
qropschoices. the larger your pension fund.The QROPS Choices Guide to: Maximising Your UK Pension Whilst Living Abroad www.Guides for British Abroad . therefore please do not hesitate to contact us. firstname.lastname@example.org for you to gain the full benefits of QROPS. the lower the charges will be.QROPSchoices.com 10 QROPS Choices . We have negotiated terms and conditions with the top institutions in the industry to reduce the overall fees on your pensions.com Costs In terms of costs as a percentage. Our industry experts are available to answer any cost structure questions for your individual situation. Contact us today for more information. Typically your pension fund needs to be worth at least £50.com or www.
Will the availability of QROPS encourage even more affluent people to leave the UK and move abroad? Probably! We have recently seen the massive devaluing of UK public sector schemes by the new coalition government – what next? How long before the Chancellor realises how many billions are leaking from UK pensions PLC and back tracks. You cannot transfer a state pension into a QROPS. There may be other financial assets. nor can you transfer if you have already taken an annuity with your pension.com Further Info & Advice QROPS transfers are not right for everybody.Guides for British Abroad . Each of the expatriates or people leaving the UK that we and our providers have helped take control of their pensions has a unique financial situation. Once in a QROPS your UK pension is away from the ever changing regulation in Britain.com 11 QROPS Choices . contact us now while this opportunity IS available. liabilities and IHT issues to take into consideration. Can a transfer be made into a QROPS right now? YES! Our advice is that if you don’t intend to return to the UK in the foreseeable future.The QROPS Choices Guide to: Maximising Your UK Pension Whilst Living Abroad www. However. who knows? Please contact us for assistance and qualified advice advice@qropschoices. especially if constructed with careful and expert guidance. in more cases than not a QROPS can be significantly beneficial.qropschoices.
com and we will contact you directly and do all we can to assist. Either e-mail us on advice@qropschoices. You will need to complete a letter of authority (LOA – access to information only).com Next Step Your next step should be to contact or be contacted by an independent financial adviser for a confidential discussion. Contact Us email@example.com call us on +44 (0) 20 8123 2488 or complete the enquiry form on our website www.QROPSchoices.com or call to speak to one of the team on: +44 (0) 20 8123 2488 12 QROPS Choices . This allows a valuation of your current pension to be sent to one of our experts without cost or obligation.qropschoices. Full information on the QROPS scheme and most importantly the jurisdiction of the QROPS most appropriate to your personal situation will then be provided to you.The QROPS Choices Guide to: Maximising Your UK Pension Whilst Living Abroad www.Guides for British Abroad QROPS choices .
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