A Qualifying Recognised Overseas Pension Scheme allows individuals to transfer their UK pension into another country (jurisdiction). If you are a UK national that has expatriated or intends to expatriate in the next 12 months, transferring your retirement funds into a QROPS is a good option to consider.
Additionally, if you have worked in the UK as a foreign national and have since moved away from the UK, it is likely to be in your interests to transfer your pension.
An Introduction To QROPS
Making a decision on the best option of where to transfer your UK pension is a daunting task, and depends on your personal circumstances. The details of your needs and objectives must be taken into account when planning ahead; a QROPS might be a solution to your retirement objectives as it allows for flexible investments and various tax benefits which provides for greater capital growth and income.
Costs And Taxes
A Qualifying Recognised Overseas Pension Scheme (QROPS) offers anyone with a UK pension an opportunity to transfer their pension offshore. QROPS, which are recognised by the HMRC, are an attractive option for anyone looking to emigrate and retire to another country where they can safeguard their assets and maximise their pension.
A UK pension transfer to a QROPS offers numerous benefits but there are costs incurred by the individual when they choose a transfer.
There are any number of offshore jurisdictions that welcome QROPS investment and offer excellent products and services.