Have you paid into a company pension in the UK? Do you have a frozen UK Pension?. If the answer is yes then you are entitled to do a QROPS!
A QROPS (Qualifying Recognised Overseas Pension Scheme) is a pension transfer scheme that is recognised by HMRC and meets certain conditions and standards equivalent to a UK pension. Therefore, any UK pension can be readily transferred into an overseas scheme, The rising profile of this scheme is a consequence of UK pension rules introduced by HMRC on 6th April Protected content . A pension transfer is suitable for you if you have a UK pension, have left the UK, plan to leave, or are a resident but not UK domiciled.
What are the key benefits of a QROPS?
Annuity: A QROPS does not force you to buy an annuity
Funds passed to beneficiaries in full after death: after completing 5 full tax years of non UK Tax residency, your pension will no longer be liable to UK income tax or death charges of up to 55%
Flexible currency choice: your assets within your QROPS can be paid to you in a currency other than sterling, thus mitigating FX costs
Up to 30% pension commencement lump sum
Your pension income can be paid gross, depending on the jurisdiction used
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