Qrops- Basic Information And Guidelines

QROPS helps citizens to get the maximum benefit from their pension schemes by following certain guidelines

. It is especially designed for those who opt to stay abroad and enjoy the benefits of pension that they get in their own country. It is also quite useful to those who are willing to invest part of their pension funds to get maximum post retirement benefits.

However, there are certain QROPS myths which most of us are not aware of. It is widely assumed that the investors are eligible only to receive 30% of their total pension funds and that HM Customs and Revenue are the ones who recommend the pension providers and it is only accessible to people who are rich. However, this is not true. The advantages of QROPS are many and it offers pensioners with retirement investment opportunities that are flexible and provides tax benefits to all UK citizens.

Statistics show that there were 7,300 pensions between April 2006 and April 2008 which had a total valuation of 0.5 billion pounds which was routed to a QROPS. Another striking statistic is that investors are saving nearly 1 million pounds, which otherwise, would have been paid to the HM Customs and Revenue. Thus, this pension fund benefit is enabling them to save and spend systematically to reap better benefits in the future.

International workers or expats can benefit hugely by opting for QROPS if they are planning to settle abroad after retirement. The advantages of this scheme are many. Some are even taking full control of their savings from retirement by opting for investment plans that are flexible in various markets and currencies, including markets that are not available to pension holders in the UK. Maximum benefits can be reaped by opting for wealth-increasing plans offered under this scheme within the boundaries of an economy that offers investors multiple tax benefit options. Members of this scheme can increase their power of spending by paying through major currencies to avoid fluctuation rates on currency exchanges.

QROPS prevents investors from paying for an annuity out of their pension savings. It helps pensioners to transfer their benefits to their nominees without paying inheritance taxes that are levied on the death of the pensioner. It also provides the pensioner with greater flexibility, as well as accessibility, to get the fund in the form of cash, which allows the users to have greater liquidity in their hands.

by: QROPS

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