Uk pensions
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UK Pension Transfer Overview

Taking control of your UK pension investment options

Tax-effective retirement options

A pension is a way of saving money to provide a stable and regular income upon retirement. Early planning for your future is important, learn all there is to know about the different UK pension options available. Unless you are expecting a substantial fortune when you stop working, a pension is the best financial option that you have to secure your future.

Factors that influence your pension transfer decision

It is never too early to plan for your retirement. And whichever part of the world you are living in, getting an international pension is a great option for your financial security in the future. One thing is for certain: if you want to get more pension benefits and less tax fees, you should not delay making the right decision for your future.

Building up your personal savings plan

Different pension schemes are readily available to suit your specific situation.

State pension

This it is not enough to provide financial security and works best for very low earners.

Employer pension scheme

Where part of the contribution amount is taken off your salary.

What is the best time to retire?

You are still not sure when you want to stop working and you haven’t decided yet where you want to stay for good.

You have an unpredictable lifestyle

Your company requires you to move between countries on a regular basis.

Is your pension safe if you transfer it?

The HMRC has laid out stringent qualification criteria, and in order to offer the service, the scheme needs to apply to, and be approved by, the HMRC. In 2012, additional criteria were added which lead to a shift in the popular choice of offshore jurisdictions. Where previously Guernsey was a leading choice, an increase in taxes levied on transfers meant that the country was no longer a competitive choice. Since then Malta and Gibraltar have become popular alternatives.

Benefits of a UK pension transfer

  • Subjected to less tax or no tax at all. It makes a big difference in the overall value of your fund and your financial growth potential.
  • More flexible options. Offshore companies take into account the uncertainties of living and working abroad so they give a wide array of choices to fit your demanding lifestyle and specific nature of your employment.
  • Freedom to choose wherever you want to live. With a secured offshore pension, it doesn’t matter where you choose to stay for good as long as you follow requirements like five-year minimum residency rule and maximum age limit of 75.

International pension plans and jurisdictions

An international retirement plan is designed to provide financial security and income stability upon retirement.

Depending on the provider you are dealing with, you can transfer the following to a QROPS pension or QNUPS:

  • Deposits, bonds, and stocks
  • Real and other properties
  • Life policies
  • Artwork
  • Options in public equity and private stocks

Payout options

  • Paid out to you as a lump sum, which can be as much as 25% of your funds
  • Regular payment methods
  • Some providers allow both ways

To gain access to your funds, here are the requirements you must fulfil:

  • Be of retirement age
  • Proof that you have already stopped working for your company
  • Proof that you are no longer associated with your sponsoring employer
  • Permanent disability or death

Frequently asked questions

How much should I spend on a UK pension ?

This will depend upon how much you want to live on when you retire. According to recent surveys, people prefer to have at least two thirds of their ‘final salary’ by the time they stop working. It is not just about the amount of money you put on to your UK pensions, but also the performance of your company and its ability to provide great benefits. Still the truth remains: the sooner you start saving on your pensions, the more secure your future will be.

Will I receive funds immediately ?

Imagine this scenario: two persons, the first one started saving when he was 25 years old while the other one started saving when he was 30 years old. Both invested £100 each month until they reach the age of 65. Upon retirement, the former gets £25,000 a year while the latter only gets £15,400 a year.

Can I consolidate my pensions ?

Yes, you can. It is more cost effective because you will maximise the potential benefits you may receive annually. First, you need to seek advice from a reputable financial adviser before consolidating your pensions into one account.

What happens to my assets after death ?

If something happens to you before your retirement, your beneficiaries will receive your pension. Make sure you have put your savings in a trust fund to avoid paying inheritance tax. This will remove any burden on the part of your loved ones and improve the benefits of your UK pensions.

Tip for investing in an international retirement plan

  • Determine your financial attitude. Are you a risk taker or a detailed and careful individual?
  • Shop around. This will help you know the wide range of plans that will be best suited for your specific requirements or expectations.
  • Transact with a reputable IFA.

If you need further advice, you can contact us and our financial adviser will discuss various international plans that are suitable for you.

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Overseas Pension Schemes

Both QROPS and QNUPS offer various benefits for individuals considering a UK pension transfer, both are parked offshore but are not the same. It is important to understand the difference in structure and implication between QROPS and QNUPS to be able to evaluate which would be more useful in one’s circumstances.

QNUPS Transfer

The transfer of a UK pension to a Qualifying Non-UK Pension Scheme (QNUPS) offers flexible investment opportunities. The set up costs for a QNUPS are reasonable and the tax benefits are astounding.

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QROPS Transfer

A Qualifying Recognised Overseas Pension Scheme (QROPS) enables you to have more control of your UK pension. It allows you to make use of your hard earned money and save on income tax payable in the UK while you are living in another country.

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