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Frozen UK pensions and QROPS

Are you a British national, now living abroad with frozen UK pensions from your previous employment?

Or

Have have you previously worked in the UK and moved away, leaving frozen UK pension with previous employers?

If so QROPS – Qualified Regulated Overseas Pension Scheme could be of interest to you!!

Since their launch in 2006 the popularity of QROPS , a HMRC (HM Revenue and Customs) recognised overseas pension, continues to grow amongst expatriates and individuals who are considering moving abroad or who have already done so.

Below are some of the benefits:

  • ​Consolidation of several pensions.
  • Assets can be held, invested and paid in various currencies.
  • No limits to the value of the fund which can be accumulated.
  • More portable.
  • ​Leave more to spouse or beneficiaries.
  • ​Clean break from UK IHT system.
  • No Deduction of tax at source.
  • Can be possible to retire earlier; if the scheme has a retirement age of  60 for example the QROPS benefits can sometimes be taken at 55.
  • Retire later; the opposite of above benefits can remain invested if the ​ individual decides this possibly leading to a greater income at a later stage.
  • Payment flexibility; can vary the amount paid which is particularly useful if someone intends to continue working on a part time or consultant basis.
  • Greater investment options.
  • Larger lump sum of up to 30%.
  • Leave a larger inheritance.
  • Some employers will offer financial incentive to transfer the pension out.
  • Currency choice; UK schemes pay in GBP and this can add an exchange rate risk if someone lives overseas.
  • Target higher returns, defined benefits schemes are linked to the consumer prices index (CPI). QROPS offers the potential to grow at a much higher rate.
  • Greater investment choice.

If you are interested in discussing the benefits further, please let me know. I will gladly bring you in contact with a specialized local wealth management company.

  • EURA 2008-2016
  • Worldwide ERC
  • ARPN
  • EURA