QROPS
One of the oddities of pensions is how little Britons tend to know about them – including where the pension is held, its value and what to do to maximise its effectiveness. There is a saying in the pension industry that ignorance about a pension is much like ‘owning a house but not knowing where it is and how much it is worth’…
In fact, there can be considerable benefits to moving abroad if you have a pension and manage it wisely. After five years of living abroad, for example, all restrictions and regulations concerning your UK pension fund disappear. Indeed, it is possible to reposition your pension fund within QROPS (Qualifying Regional Overseas Pensions Schemes) so that you can take advantage of:
- An immediate lump sum payment
- Greater investment choices
- The ability to pass on unused funds to whoever you want, free of UK tax
- Tax efficiencies between the UK and Spain
- Potential inheritance tax avoidance
- An annuity (i.e. income for life) by the age of 75
Obviously, to arrange for these potentially significant benefits you need expert advice. This you must choose extremely carefully. Indeed, if you are considering a change to your pension, you must ensure that you take advice only from:
- A UK-registered (and insured) pension specialist
- A professional who is an up-to-date and qualified IFA (Independent Financial Advisor)
- Someone who has access to a wide selection of QROPs
- A specialist in pension funds between the UK and Spain
If you need to know more or wish to have direct details of a reputable, fully qualified, British QROPS expert then please do contact me:
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