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Wealth Management - QROPS

EXPAT PENSIONS

For many years, professionals of all nationalities that have worked in the UK and have a pension and those moving overseas have been faced with difficulties when dealing with UK pensions, as the pension is usually 'trapped' back in the UK. One of the main difficulties has been the tax treatment of UK pensions. Until 2006, it has been virtually impossible to move a UK pension to an overseas pension without being forced to pay basic rate tax on the transfer.

On the 6th April 2006, new regulations for pensions came into play, this created attractive options for transferring UK pensions into foreign plans. Recognized schemes, known as QROPS (Qualifying Recognized Overseas Pension Scheme) are now available and mean that those who are or will be non UK-resident can transfer UK pensions without tax deduction and ultimately draw them without UK tax liability. A key benefit is that up to 30% of the total value of the pension can also be released to the beneficiary as a cash lump sum free of any UK tax liability once the beneficiary has been a non UK resident for 5 full, complete and consecutive tax years at the age of 50.

For more detailed information please contact us.