Are you a UK expat and have you ever contributed to a private or occupational pension back in the UK?
Did you know that you could seriously benefit from a QROPS pension transfer?
A QROPS can offer significant taxation and investment advantages, allowing many UK pension holders to get more out of their UK pension.
A QROPS provides:
Greater control over where your pension fund is invested
Tax efficiency, you may be able to substantially reduce the tax that you would have to pay when accessing your pension
Inheritance benefits, you can pass on your pension pot to your beneficiary upon death
Simplicity, numerous pensions can be consolidated in one QROPS
Since the Finance Act Protected content argument for transferring UK pension rights to a QROPS for the expat has become even more compelling
A new clause has been inserted into the Inheritance Tax Act Protected content gives QROPS freedom from UK IHT
As well as there being no requirement to buy an annuity within a QROPS, the remaining fund following death should also be available to beneficiaries without any deduction of United Kingdom tax
Among other advantages is, for example, the fact that the UK requirement to purchase an annuity by age Protected content be faced with the prospect of a possible 55% tax charge) no longer applies