Qrops Pension - Some Facts

A sizeable population of the British community live outside of the UK in order to escape the tax regime prevalent in their country

. Since the new higher tax bands were introduced, more and more people are joining the bandwagon outside. It is for such people that the QROPS pension comes in handy. QROPS is especially beneficial to expats who plan to live overseas after retirement.

Finding an appropriate QROPS is quite complicated and you need to keep a number of considerations in mind while looking for one. To avail of a low tax cost is the main reason for transferring your annuity from the UK to a QROPS pension. A lot of countries facilitate QROPS and different tax rules govern pensions in different ways. You could also opt for a QROPS outside of the country where you actually decide to settle down in. This makes the issue a little more intricate. In this case, you will have to deal with two tax structures - the country of your residence and the country which hosts your QROPS. Your tax adviser can tell you which countries are hubs for favourable tax treatment.

When opting for a UK pension scheme, the members are obligated to buy annuity before they reach the age of 75. Perhaps you may not be in a position to buy the product currently or there are no attractive products on offer at the moment or you may prefer a lump sum amount on hand instead. QROPS pension also gives their members the flexibility to manage their retirement according to their convenience which is why it is widely preferred.

Initially, when QROPS pension was introduced because of the huge demand, the service rates were considerably high. Over a period of time, with more competition from other market players, the costs have come down and QROPS can now be acquired for as low as 500 pounds per annum. If your QROPS adviser is from a sound firm which can wield its influence around, he could be in a position to bargain the scheme charges offered to you. Unlike a UK pension scheme where the balance of the annuity cannot be passed on to the family members after your death, a QROPS adviser can help you find a scheme that can be inherited by your dependents.

Like everything else, your QROPS pension scheme can also be custom made by shelling out a bit of extra money. If you want to club your assets with the scheme, the option is worth considering.

by: QROPS

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