Overseas pension transfer services is a unique service we offer to UK non-residents that have pensions locked up in the UK. To enjoy the many benefits of transferring a UK Pension a Qualifying recognised overseas pension Scheme (QROPS) must be utilized.
QROPS are required by law to meet rules set out by HM Revenue and Customers in the UK. These companies are authorized to receive UK transfer pensions benefits without being charged unauthorized payment charges.
QROPS are becoming widely used for British Expats as there are many tax advantages drawing your pension offshore. Any UK pension drawn within the UK will be taxed at a high rate up to 55% where as a QROPS transferred pension can avoid UK taxation completely.
QROPS are ideal for UK residents that decide to emigrate or retire overseas and have pension funds within a UK private scheme they wish to enjoy a more favourable tax free pay out.
Main Benefit of QROPS transfers
- Avoid 20%-45% UK income taxes.
- Avoiding UK Inheritance Tax.
- Transfer UK Pension into a more favourable currency to less currency fluctuation.
- Great access to offshore investment opportunities, with higher returns.
- Access your pension at 55 years of age.
- 30% lump sum pay out as apposed to 25% in the UK once your outside the UK for 5 year or more.
Requirements for a QROPS
- UK Pension valued over £50k (excluding state pensions)
- Must be leaving the UK.
- Not planning on returning to the UK for at least 5 years.
- You have not purchased an annuity.
Feel free to contact us today to arrange the smooth and secure transfer of your UK Pension through are experienced financial advisors and start enjoying the many advantages you can achieve for your hard earn money through QROPS programs.