Providing information and clarity

for British Expats looking to Transfer their UK Pension Offshore

 

Qualified Recognised Overseas Pension Schemes (QROPS): Now knows an ROPS from 6th April 2015

 

As a result of A-day (6 Apr 06), UK overseas transfers are permitted if an overseas schemes is registered with HMRC as a Qualified Recognised Overseas Pension Scheme.

 

Who Can Transfer their UK Pension?

 

Any individual who has left the UK and left behind a UK occupational pension or personal pension.
   
Including protected rights.
   
QROPS & QNUPs are now open to UK residents also.
   
The overseas scheme (QROPS) can be in a location of choice, to optimise the pension/tax outcome.
 
What makes a QROPS Qualified and Recognised by HMRC?

 

• Scheme must be open to local residents in that overseas country.

 

•  “international-only” schemes cannot be QROPS.

 

• The overseas country must have a taxation

system for pensions which is either TEE (Taxed, Exempt, Exempt) or EET (Exempt, Exempt, Taxed)

 

• The overseas scheme must be tax-approved as

a pension scheme by the overseas country.

 

• At least 70% of the funds transferred must be used to

pay a pension for life and benefits must not

commence prior to age 55.

 

Where are QROPS located World Wide?

 

 
Country
Number of Schemes

 

Australia

436

 

Austria

9

 

Bangladesh

0

 
Barbados
1

 

Belgium

9

 
Bulgaria
2

 

Canada

0

 
Cyprus
0

 

Czech Republic

2

 

Denmark

3

 

Finland

1

 

France

0

 

Germany

26

 
Gibraltar
51

 

Greece

1

 
Guernsey
151
 
Hong Kong
21

 

Hungary

2

 

Iceland

2

 

India

16

 

Ireland

85

 
Isle of Man
251

 

Italy

0

 

Jamaica

1

 
Jersey
87

 

Kenya

1

 

Kosovo

1

 

Latvia

3

 

Liechtenstein

3

 

Luxembourg

4

 

Malaysia

0

 

Malta

32

 

Mauritius

3

 

Netherlands

58

 

New Zealand

36

 

Norway

4

 

Portugal

4

 

Russian Federation

0

 

Slovakia

0

 

South Africa

12

 

Spain

2

 

Sri Lanka

1

 

St Lucia

0

 

St Vincent & Grenadines

0

 

Sweden

6

 

Switzerland

2

 

Trinidad and Tobago

0

 

Turkey

0

 

United States of America

0

 

 

 

  Total 1,329
*Accurate as of 15th March 2017
 

 

What are the Advantages of a QROPS?

 

•Actuarial calculations can be used to authorise higher percentage draw down. (Health, age etc)

 

• No lifetime allowance limit - Currently a maximum of £1 Million can be held by an individual in 2017. Any amount above results in up to a 55% life time allowance charge.

 

•Also applicable to UK residents or clients that may move back to the UK -  the ability to make contributions without tax relief to a QROPS. IHT protection applies and there is complete investment flexibility.

 

•Choice of Investment Currency

 

•Unlimited fund selections word wide

 

•100% Capital Protected funds available

 

 

100% of the pension fund will be left to the spouse with IHT advantages (Inheritance Tax).

 

In the event of Death of the Spouse 100% of the remaining pension can be left to the Family with IHT advantages.

 

What Can be held in a QROPS?

 

•Pension Assets

•Cash

•Alternative Investments

•Land

•Shares

•Commercial Property

•Investments

   
Can we Help? - Can we Help? - If you are a British expat or you have lived in the UK and contributed to a UK Pension for over 7 years and would like information on how to transfer your pension offshore, we can help you. You may wish to transfer your UK pension overseas into a (Q)ROPS, establish a QNUPS or even consildate all schemes into one and leave them to remain in the UK via a UK SIPP.
   
  You could be saving yourself and your family significant amounts of Pension income that could currently be lost.
   
   
   
  *Recommended for expatriates that have been working out side of the UK for 5 full tax years or more or intend to do so and also intend to Retire outside of the UK.
   
 

   
 

 
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