What Happens To Your QROPS When You Die?

The question is uncomfortable for many expats, but prudent financial planning means looking after your family and loved ones when you die. Qualifying Recognised Overseas Pension Schemes (QROPS) fall under the same inheritance rules as UK pensions – plus an extra tax-free boost for expats who are left a share of any unspent pension money. The … [Read more...]

Moving Gold-Plated Pensions To QROPS Is No Longer Taboo

Switching a final salary pension to an offshore Qualifying Recognised Overseas Pension Scheme (QROPS) is a taboo topic for many IFAs for no good reason. A final salary pension is undoubtedly one of the most generous pensions any retirement saver could expect. Offered by a dwindling number of employers, the pension offers a retirement income … [Read more...]

Move To Make QROPS Transfers Easier For Expats

The British government suspects strict rules about transferring pensions worth more than £30,000 to a Qualifying Recognised Overseas Pension Scheme (QROPS) are putting some expats at a financial disadvantage. The Department of Work and Pensions is considering whether to scrap the need for expats to seek advice from an adviser regulated in the UK … [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 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...]