We’re often asked about QROPS – Qualifying recognised overseas pensions scheme. Essentially, it’s a way for people who have left UK to live abroad to access their pensions funds to reinvest in their new countries.
We asked our financial expert Alan Keane, from Keane Pensions and Investments to tell us more:
How can you benefit by a transfer to a QROPS?
Early Retirement at 50 not 55 as in the UK
30% Pension Commencement Lump Sum not 25% as in the UK
No 55% Recovery Tax Charge on Lump Sum death benefits as could apply in UK and remaining funds can be passed onto your loved ones as a Lump Sum
No need to buy an annuity at age 77 or face a tax charge as in the UK
QROPS - Who would benefit?
Those with a UK pension scheme who now live overseas as an expatriate, or are planning to leave the UK.
What is a QROPS?
It is a Qualifying Recognised Overseas Pensions Scheme. You should only transfer your pension to QROPS providers that are 100% approved by HM Revenue & Customs.
What should people do to find out more?
Please call me today on 626 184 724 to discuss if a QROPS is right for your situation without obligation
Alan Keane
Independent Financial Adviser