Get More From Your Pension With A QROPS Pension Release

Last Updated: 22 Oct 2020
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What You Need To Know About A Pension Release

What is a QROPS?

Have you checked our in depth article about QROPS? It will help you understand better all the benefits available. QROPS or Qualifying Registered Overseas Pension Scheme is one of the most popular overseas pension release schemes.
Here are a few QROPS advantages:

  • It is a way to transfer your hard-earned funds to the country or jurisdiction1  of your choice without being overly taxed by the UK government.
  • There are different QROPS2  pensions that would provide the best solution for your specific lifestyle and business requirements.
  • Attractive benefits that are not usually offered by providers in the UK – especially to employees working abroad.
  • Control the way you want to use or invest your funds and then make sure your loved ones are entitled to what you have worked hard for.

Pension Release – Key Points

If you are planning to stay overseas for good, then you need QROPS, an overseas scheme where any privately managed funds from your scheme can be transferred, with little or no taxes at all.

Transferring to a QROPS

Funds from your current scheme in the UK can be transferred to a QROPS with a pension release if you meet these criteria:

  • It must be an overseas scheme recognised by HMRC.3 
  • It is not accessible until you reach the age of retirement, which is usually 55.
  • You are limited to a 30% lump withdrawal from the fund after the age of 55.
  • You must agree that the remaining 70% will be paid out to you on a regular basis to provide protection for your retirement years.
  • If you have been a resident in another country or jurisdiction for less than five years, you are required to make regular reports to the HMRC.

Is QROPS legal?

Yes, it is. A QROPS Scheme is regulated by HMRC (Her Majesty’s Revenue & Customs) and is allowed in specific jurisdictions around the world. The UK Treasury offers useful information and tips for anyone who wishes to go through the whole process of a pension release as well as a list of registered providers around the world.

Is QROPS Pension Release a complicated process?

There are various procedures that need to be followed to transfer to a QROPS. It may be the best option in securing your finances in the future, then there is no reason why you should not go through with it. After gathering all the required documents from your current providers, seek out an IFA (Independent Financial Adviser1 ) who will help you go through the whole process. Are you interested in company pension scheme? We have all the information for you! Check our detailed articles!

What do I benefit from a QROPS?

  • A cash lump sum2  equivalent to almost 25% of your pension, tax free
  • Greater freedom to manage offshore investments
  • Quicker way to access your funds than waiting for it to mature in the UK
  • No need to pay UK tax charges upon death
  • Beneficiaries can receive all funds, tax free
  • No need to buy an annuity
  • Less charges and taxes because all your funds are consolidated in one account
  • Access to your funds in any currency you like

What happens to my investment portfolio after getting a QROPS?

Once you opt for a pension release, you are able to keep the same investments or apply necessary changes because this scheme offers great flexibility in how you manage your business ventures.

Income Tax Benefits

You will receive the gross income from your pension release fund, depending on the jurisdiction in which you live. There are countries which require you to pay some tax while others do not require any at all.

Risk Factors

Like any other financial investments, there is a risk. There are providers that offer greater benefits or rewards if you let your funds mature. It is extremely important to talk to your IFA and discuss the advantages and disadvantages of transferring all your funds into a QROPS.3 

This is just a basic overview about a pension release. It is highly advisable to seek professional advice if you intend to consolidate your funds into one account. You can contact us and our reputed financial adviser will be able to advise you on a transfer of your UK pension.

Transfer schemes choices

A QROPS pension release is a transfer that is available to anyone with a UK retirement plan.The country or jurisdiction where it was established regulates it and recognises it for tax purposes. Learn why a SIPP may be the best option for you!
Who Needs A Pension Release?

Who needs a pension release?

  • Individuals who were previously living in the UK but now live and work abroad
  • Individuals who hold UK retirement funds
  • Individuals who are planning to stay abroad permanently

Why do I need a QROPS?

You need a pension release if you want to enjoy the following benefits:

  • Not to pay any tax charges in the UK upon death
  • Not to be forced to buy an annuity
  • You get lower taxes and bank fees
  • Higher fixed deposit rates than what your current provider gives you
  • Being able to have offshore funds that are easy to access
  • Having the choice to get a 25% lump sum or a regular monthly income
  • Having the choice to take you funds in any currency you want

There are many QROPS benefits to take advantage of. Make sure you make an informed decision. Remember: You worked hard to save for your retirement. You need to ensure that you and your beneficiaries reap its rewards and privileges rather than the taxman! The dream of being in control of your funds through a pension release is yours for the taking. Some countries and jurisdictions do not even require you to pay any taxes for it. And it is easy to plan for different business opportunities that would increase the growth rate of your funds – through a pension release.

In which country or jurisdiction is a QROPS available?

QROPS is available in countries or jurisdictions4  such as:

  • Australia
  • Canada
  • Guernsey
  • Isle of Man
  • Malta
  • New Zealand
  • Switzerland
  • USA and many more

Of course, you have to get enough useful information before choosing the right place where you want to enjoy the benefits of a pension release. You have to consider which would meet your specific lifestyle expectations and business needs.

Costs involved in getting a QROPS

If you look at the costs in terms of percentage, then the costs involved are lower for bigger funds. Reputable QROPS providers will require you to have at least £200,000. If you have other investment portfolio5  you wish to transfer, then it would also make a difference to the amount of charges you have to pay.

Make the right decision today!

  • You do not need to worry about your hands being tied up with the wide array of rules, regulations, and restrictions that come with having a UK retirement plan.
  • Your beneficiaries do not have to wait for the government to get residual value on your funds upon your death.
  • You do not have to experience not having any funds in the first 5-10 years of your retirement.
  • Enjoy peace of mind that your assets and investments are safe in a stable financial environment.

More About QROPS Pensions

You cannot be an overnight expert about retirement planning, so if you are battling to work out the best way to protect your assets and investments, it would be advisable to have a professional on your side. You can contact us and our reputable financial adviser will call you for an appointment. Different QROPS pension release options offer different benefits.

Choose the best jurisdiction for a pension release where you will get the high returning benefits that will suit your specific lifestyle and business circumstances. It is important to understand your options so you can make the right choices. If you have more questions about QROPS pension scheme, make sure you check your QROPS FAQs article. Most likely you will find answer of your question there.

Whether you want to stay in the UK for good or you want to spend your retirement years elsewhere around the world, the truth remains: Planning for your future is vital for your security and regular income during old age.

Find Out More About QROPS jurisdictions. But if you have decided to live in another country, getting an expat retirement plan is never too early because the right decision you make today can bring loads of benefits tomorrow, especially if a pension release becomes an option. You can also read more about eligibility and advantages of a QROPS release in order to make an informed decision for your pension release.

Why do I need an expat retirement plan?

  • If you have an unpredictable lifestyle and faced with major financial decisions on a regular basis
  • If you are belong to an international company that requires you to move to different parts of the world
  • If you are a working expatriate even though you are still uncertain where you want to retire

Advantages Of An Expat Pension

  • Offshore funds might not be subject to tax, unless otherwise stated in your chosen expat retirement scheme. It means you can take advantage of the maximum growth potential of your money.
  • Your foreign scheme can offer doors of endless possibilities in terms of investment. Since you are given full control over your financial planning, you can use your funds to be involved in business matters that would increase its overall value.
  • Many offshore plans are catered to the specific circumstances and requirements of the plan holders. You can have access to your funds in any currency you like, depending on where you are working or staying.
  • An international scheme usually offers reasonable conditions with regards to delayed or reduced payments. It takes into account the uncertainties of businesses and employments around the world so you can opt to put more or less into your account, depending on your financial status. You can even stop making payments, if it is really necessary although this will affect the rate of your funds.
  • An expat scheme puts no limit as to where you will finally settle down in the later years of your life. You can enjoy your funds anywhere you want as long as you fulfil the required minimum five-year residency rule and the maximum age of 75.

Are There Any Minimum Values

You have to put at least £200,000 in your pension release so you can minimise the bank charges and annual fees. If you have a bigger fund, it can mean lower costs. You can also consider putting your other pension plans into one account because it entails less payments and obligations to fulfil. You can contact us and talk to our financial adviser and get all the information you need to understand which expat pension is right for you.

There are many things you have to think about before getting a Private Plan. Make sure you are well informed so you can take advantage of every possible benefit you can get. It would also be a good strategy to have a professional on your side so you can protect all your assets and investments, especially in this recession-driven economy. You can read more about the minimum values here.

Before you take a look at the wide range of plans for an expatriate like you, you have to determine your attitude when it comes to investment risks. Whether you are a careful businessperson or an adventurous investor, there is a suitable expat retirement fund for you. If you find this information useful, make sure to check all the information you need to know about QROPS and BREXIT.

John lawson rndlg

John Lawson

John advises business, individuals, and organisations on pension planning. As you’ve probably realised by now, we’re invested in helping people like yourself understand a little bit more about how equity release options work.

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