Eligibility For The Qrops

Who can qualify for QROPS? What are the requirements to avail of this pension scheme

? Anyone with a frozen or private UK / EU or current pension, living overseas as an expatriate or planning to live overseas as an expatriate in the next 12 months, may qualify for the transfer of his or her pension funds to the required country through the QROPS.

You must meet the following criteria in order to make use of this pension transfer scheme from the United Kingdom to the other parts of the world:

You must be between 18 and 75 years of age

You will have to be a non-tax resident for five consecutive fiscal years

You must have a private pension, as opposed to the state pension scheme

You should not have taken an annuity from your pension

You should not have been paid your final pension salary

Anyone from any other nationality apart from the UK who had formally worked in the UK or any other EU member state for a particular length of time as an expatriate, has now transferred to another country, or returned to his or her country of origin or plans to return to his or her country of origin may also qualify for a transfer of funds through QROPS. In most situations tax-efficiency data, the investment flexibility, and the benefits of transferring your current or frozen pension are taken into consideration for a QROPS transfer. If you want to remain as a tax resident in the UK or your home country of the EU and if you want your pension benefit from a broad range of professionally managed international funds, you can request a SIPP (Self Invested Pension Plan). You will not receive the same tax benefits as that of the QROPS but as an asset of your pension plan you would receive the same care and management given to any investment obligation.

Given these important benefits, regardless of the pension plan you have if you meet any of the above criteria, it is most definitely in your interest to discuss your pension transfer options with the authorities. It is very important for the retired people to take consider the QROPS, as they will be able to make use of their pension money when they settle abroad for the rest of their life. These pension transfer schemes are widely popular in the United Kingdom and the European Union countries.

by: QROPS

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