Retirement Articles

Expat Guide To Switching A Pension To A QROPS

Switching a pension from the UK offshore to a Qualifying Recognised Overseas Pension Scheme (QROPS) can make financial sense for expats. QROPS are well-known for their tax and investment incentives for expats, but sourcing the right pension and organising the transfer are tasks for specialist advisers. With more than 1,200 QROPS available in … [Read more...]

Why Expats Should Move Final Salary Pensions To QROPS

Expats could rearrange their finances and become instantly better off if they made some sensible financial decisions. Saving tax and other charges is not about being wealthy, but being sensible with whatever money you have. First look at income tax. Anyone with a UK pension gets 25% from their pot tax-free and tax is taken from the rest … [Read more...]

Want A £1m Plus Pension Without Any Tax Penalties?

Expats can beat the lifetime allowance rules by switching from a UK pension to a Qualifying Recognised Overseas Pension Scheme (QROPS) – but the window of opportunity may soon close. The government has recently opened a consultation aimed at aligning the tax treatment of QROPS with onshore pensions for expats who move back to Britain. But the … [Read more...]

QROPS 2017 – What to expect for the tax man

HM Revenue and Customs (HMRC) has already signalled that overseas pension rules will change in April 2017. Besides some tax tweaking to bring pensions like Qualifying Recognised Overseas Pension Scheme (QROPS) into line with onshore pensions, the big shake up is likely to be with offshore pension providers. The grand design is to turn the … [Read more...]

QROPS Can Ease Workplace Pension Worries

Millions of savers are worried that their workplace pensions are spinning out of their control and that they do not know what to do about it, according to financial experts. More than 2 million workers have concerns about what may happen to their pensions that deter them from saving more, research by financial firm Portus Consulting … [Read more...]

QROPS And The Impact Of The Lifetime Allowance

One of the problems with pension planning is predicting how the government is likely to tinker with your retirement savings in the future. No one would have expected the latest consultation document looking to change the underlying rules of the steel workers’ retirement scheme aimed at making Tata Steel more attractive to a buyer. Chancellor … [Read more...]

Do You Know What Financial Advice Really Means?

One of the problems for retirement savers is untangling the jargon about who gives them advice and who offers guidance. Pensions minister Ros Altmann says she is confused, so if you are shopping for a Qualifying Recognised Overseas Pension Scheme (QROPS), who can give you the right advice? The Financial Conduct Authority (FCA) says anyone … [Read more...]

How To Check The Credentials Of Your QROPS

Checking out if your preferred Qualifying Recognised Overseas Pension Scheme (QROPS) really is a pension that follows HM Revenue & Customs (HMRC) rules is a vital part of due diligence in moving a pension overseas. Retirement savers have to ask some direct questions of the QROPS provider to make sure they are sticking to the … [Read more...]

No QROPS Where You Live? No Problem

British expats are spread in more than 100 countries around the world and they all have the same problem with Qualifying Recognised Overseas Pension Schemes (QROPS). Many would like to switch their UK onshore pensions out of the country to a more tax effective QROPS but don’t think they can because the country where they live has no local … [Read more...]

Three Magic Words That Give Away A Pension Scam

Consumer watchdogs have a list of three magic terms that reveal a pension liberation scam. After analysing sales techniques and complaints about pension liberation scams, the watchdog has discovered that most fraudsters try to entice their victims with the three terms. Pension Life runs a service that offers kite marks to identify good … [Read more...]