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What is QROPS?
A QROPS (Qualifying Recognised Overseas Pension Scheme) is an overseas pension scheme, recognised by HMRC that meet certain conditions and standards equivalent to a UK pension. Therefore any UK pension can be readily transferred to an overseas scheme, provided that the overseas scheme is registered with HMRC as a QROPS. The rising profile of QROPS is a consequence of the new UK pension rules introduced by HMRC on 6th April 2006. The scheme must also meet the requirements of the jurisdiction in which it is domiciled.
Is a QROPS suitable for me?
This pension scheme is only suitable to you if you have left the UK, plan to leave, or are a resident but not UK domiciled. Obtaining advice is vital to ensure you do not face disciplinary tax charges.
What are the key benefits of a QROPS through the deVere Group:
•Annuity: this scheme does not force you to buy an annuity
•Tax efficient
•Funds remain on death: after completing the 5 year term, and the consecutive UK tax years of non-UK residency on your death, your pension will no longer be liable to UK taxes of potentially up to 82%
•Flexible currency choice: your assets within your QROPS can be paid to you in a currency other than sterling, which will/might help on exchange rate costs
•Up to 25% tax free cash
•Your pension income will be paid as gross
•Secure jurisdictions
•Investment flexibility
•Transparent charges
If you would like to get a Free Pension Review, from our experts who are in touch with the ever changing pension rules call +357 97723497
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