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...]

How Pension Freedom Rules Affect You

The rules about how retirement savers can take the money from their pensions changed on April 6, 2015. From this date, anyone over 55 years old with a direct contribution pension can draw their money to spend or reinvest as they wish, whether they are still working or not. For savers under 55, the money is only accessible if the retirement … [Read more...]

HMRC Fires Angry Warning To QROPS Savers

If an expat transfers their cash to an offshore pension scheme that’s not a Qualifying Recognised Overseas Pension Scheme (QROPS), the tax man will have little sympathy. In a sharp notice published in the latest HM Revenue & Customs (HMRC) Pension Schemes Newsletter for providers and advisers, the tax man talks about ‘numerous requests’ … [Read more...]

What’s The Difference Between A ROPS And A QROPS?

Qualifying Recognised Overseas Pension Scheme (QROPS) have led the way as offshore pensions for expats since April 6, 2006 – but now a new pension is taking over. A Registered Overseas Pension Scheme (ROPS) has suddenly taken the place of QROPS on most HM Revenue & Customs (HMRC) guidance. So what is a ROPS? Offshore pensions for British … [Read more...]

Pension Jargon Buster

Pensions are hard enough to make sense of without having to consider some bamboozling jargon. Here’s a translation of some of the more common terms into plain English: Annuity An annuity is an insurance contract that offers a guaranteed income until from the date of purchase until death. Annuities come in different types – Enhanced … [Read more...]