John Lawson
John Lawson

All You Need To Know About A UK Pension Transfer

What You Need To Know About Pension Transfers

Transferring your pension from the UK today is a lot easier and faster. Though there are various requirements for a pension transfer, completing them is not very difficult. However, it’s advisable to get professional counsel before you transfer your funds.You can contact us and our reputable financial advisers will see you through the whole process so you get exactly what you want.

Check out detailed infographic about QROPS vs SIPPS

Different schemes have different benefits so you should determine the advantages and disadvantages of getting involved in a UK pension transfer. You have to make sure that it’s the best financial decision you can make for your retirement. Here are some of the top reasons why it’s better to transfer to another scheme:

  • Your current personal pension plan entails high charges and you prefer other stakeholder personal schemes with low fees
  • You have several pensions acquired through different employments and would like to put them in a SIPP (Self Invested Personal Pension1 )
  • You have various top-up plans like Additional Voluntary Contributions2  that you would like to consolidate into one account
  • You want to add your current personal plan to an occupational scheme to benefit from lower contributions and less fees.

What Are The Requirements?

These are some of the requirements

  • Any UK resident or UK domiciled person can transfer their funds
  • Permanent employment or business venture in chosen country or jurisdiction3 
  • Residency in chosen jurisdiction for tax purposes

QROPS Transfers In Detail

A transfer can be done through QROPS (Qualifying Recognized Overseas Pension Schemes4 ), which are schemes approved by HMRC (Her Majesty’s Revenue and Customs5 ). We’ve prepared an article with all the details for a pension transfer to a QROPS scheme.

If you are planning to live outside UK permanently, you should consider transferring your funds to access more benefits from tax-free jurisdictions. Learn why a SIPP may be the best option for you! HMRC makes regular updates on its approved overseas pension schemes so you will need to check each scheme carefully before making a pension transfer. You can talk to our reputed financial adviser to know how long it would take to transfer to an overseas retirement scheme.

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Is It Right For Me?

Transferring funds to an overseas scheme is the best financial decision for an individual who is no longer a UK resident and has more than £50,000. Usually, this fund comes from personal and stakeholder plans, occupational schemes, public sector plans, and other kinds of money purchase schemes. Transferring funds to an overseas scheme is not applicable for those who have already taken an annuity and for state pensions.

Find Out More About UK Pensions.

Getting Professional Advice

You can read more on pension transfers and the benefits you can receive here. You can contact us and we will arrange a reputable adviser to speak to you about a pension transfers. Pension transfer specialist will provide clear instructions that would help you choose the right scheme. It’s important to receive recommendations from the best pension adviser in the business! Luckily for you, we have one!

What You Need To Know Before You Transfer

In the past 10 years, more than 5 million UK residents have moved out of the United Kingdom for business, employment and retirement. Read more about widows pension.

Previously it was not easy to transfer your retirement plans to another country but now you can transfer to an overseas pension scheme and receive benefits that a UK-based scheme cannot match. Before getting any private plan it’s vital to be informed about all the options you can benefit from.

You can choose one of the tax free jurisdictions and complete a pension transfer. There are many pension tax reliefs that you can benefit from. Read our detailed articles to find out how.

Benefits Of A Pension Transfer

You can transfer your scheme to an overseas scheme if you want to gain more tax benefits and financial opportunities that can maximise the growth potential of your funds. On our site you will find all the information so you can find the best pension plan for you! Make sure you check our detailed articles!

First, you have to determine if the specific overseas scheme in the jurisdiction where it’s offered is HMRC-regulated. The country must also recognise that particular scheme for tax purposes.

More Freedom For Investment

If you are a businessperson with a keen eye for investments, you should do a pension transfer because there more opportunities overseas where your investment can grow.

More Tax Savings

After five years of being a non-UK resident, you are no longer tied with the rules and regulations set by HMRC. It also means you do not have to pay income tax, capital gains tax, and inheritance tax.

No Worries For Your Beneficiaries

After your death, your loved ones will not be required to pay any inheritance tax to HMRC.

No More Annuities

With an annuity your money is all tied up with the scheme even if you are faced with life-threatening situations. ‘Moving your funds to an offshore jurisdiction will offer you more control with the way you want to use your funds.

Control Over Currency

For individuals who are always on the go, having an overseas scheme will give you access to different currencies needed to run your businesses.

Costs Involved In A Pension Transfer

There are three basic categories for all the costs involved.

Formation Fee

Overseas providers charge this for the management and maintenance of your funds.

Annual Management Charge

You incur these fees whenever you invest your money for different business opportunities.

Advisory Fees

Your financial advisers will charge you with these for keeping your funds under management.

The Pension Transfer Golden Rule

You can contact us and our reputable financial adviser will talk to you regarding your pension transfer. They will also explain laws and regulations that are in force in different countries or jurisdictions regarding benefits. It is never too soon to plan for your retirement and making the correct informed decision will positively affect your financial future. Before you move your funds offshore, know about your different options, including the advantages and disadvantages, so you can have a happy and secure retirement.

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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