WHY SHOULD I BE INTERESTED IN QROPS?

With an ever increasing ageing population, there are not enough young people paying into the state scheme to take care of pensioners. The likely result is a crack down on pensions schemes in the future and an increase in taxes (as we have witnessed already). Luckily for UK citizens, they can transfer their UK private pensions offshore to mitigate tax. The Qualifying Recognized Overseas Pension Scheme (QROPS) allows most types of UK private pensions to be transferred offshore. QROPS was designed with the intention of giving UK expats who aren't returning to the UK the option of moving their pension to a 'white list' country offshore such as Guernsey or the Isle of Man. Not only do you mitigate tax, but you don't need to purchase an annuity. This means that your whole pension fund is left to your spouse upon death and then onto your kids should your spouse pass away.

HOW QROPS WORKS

Her Majesty's Revenue & Customs (HMRC) permit UK pension rights to be transferred to a Qualifying Recognised Overseas Pension Scheme (QROPS). The QROPS must be in effect as if it were a UK scheme for those members who have been resident in the UK at any time in the previous five tax years. The QROPS is structured very much like a UK pension; i.e. an investment vehicle which is owned on your behalf by a pension provider/administrator (the trustees). The trustees must be based outside the UK and approved by HMRC as a QROPS administrator.

Full information on the QROPS scheme and more importantly the most suited jurisdiction for the QROPS to be held will be provided to you when you speak to one of our QROPS advisers, without cost or obligation.

 

BENEFITS OF QROPS

There is NO requirement to purchase an insurance annuity.
Leave all unused pension funds to your beneficiaries free of UK taxes.
There are no limits on contributions to the fund, nor fund size.
Flexibility as to when benefits can be taken from the Plan (personal tax status allowing).
Take income and benefits in currency of your choice.
Greater Tax efficiency on drawdown.
Tax advantages and savings.
The ability to take in transfers from UK approved pension schemes
Open to all nationalities.
Investment flexibility, with investments in stocks, bonds, alternative investments, deposits, real estate, private equity, options and life policies.
Transparent fee structure with no hidden penalties or exit fees.

4 SIMPLE STEPS TO QROPS AND PROTECTING YOUR PENSION

1.Complete the Letter of Authority form giving qrops.expert authorisation to request the transfer value and transfer forms (3 in total) on your behalf. (see Argent Links below)
2.Once the current transfer value is confirmed by the UK pension provider you then complete a Form of Engagement with qrops.expert once the fees have been agreed.
3.All of the forms will be completed and sent to your U.K. pension provider.
4.The UK pension provider then transfers the fund to QROPS. Complete sign and return the Letter of Authority by qrops.expert

GOTO http://www.qrops.expert for more information. 
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