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What is QROPS?
A QROPS (Qualifying Recognised Overseas Pension Scheme) is an
overseas pension scheme, recognised by HMRC that meet certain
conditions and standards equivalent to a UK pension. Therefore any
UK pension can be readily transferred to an overseas scheme,
provided that the overseas scheme is registered with HMRC as a
QROPS. The rising profile of QROPS is a consequence of the
new UK pension rules introduced by HMRC on 6th
April 2006. The scheme must also meet the requirements of the
jurisdiction in which it is domiciled.
Is a QROPS suitable for me?
This pension scheme is only suitable to you if
you have left the UK, plan to leave, or are a resident but not UK
domiciled. Obtaining advice is vital to ensure you do not face
disciplinary tax charges.
What are the key benefits of a QROPS
through the deVere Group:
- Annuity: this scheme does not force you to buy an annuity
- Tax efficient
- Funds remain on death: after completing the 5 year term, and
the consecutive UK tax years of non-UK residency on your death,
your pension will no longer be liable to UK taxes of potentially up
to 82%
- Flexible currency choice: your assets within your QROPS can be
paid to you in a currency other than sterling, which will/might
help on exchange rate costs
- Up to 25% tax free cash
- Your pension income will be paid as gross
- Secure jurisdictions
- Investment flexibility
- Transparent charges
The best jurisdiction:
Guernsey and the Isle of Man are two of the best jurisdictions
on the HMRC's QROPS list, in terms of number of
QROPS schemes registered in international financial centres.
If you would like to get a Free Pension Review, from our experts
who are in touch with the ever changing pension rules click here to contact us
For more detailed information about QROPS, please click here
To learn more about QROPS, click
here
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