Qrops, advantages of getting one

Qrops, advantages of getting one

Qrops, advantages of getting one

The first thing you may wish to consider is whether there are any tax advantages involved in getting one. The answer to that is a resounding "yes".

In the first instance, Qualifying Recognised Overseas Pension Schemes were introduced to allow members of UK pension schemes to transfer their pension assets abroad without incurring a charge to UK income tax. Depending on your circumstances, Brits abroad may pay anything upwards of 20% on their pension withdrawals, so this change would no doubt be a welcome one.

Another factor to bear in mind is that issue of inheritance tax planning. As a UK domiciled person, unless you have taken steps to mitigate your potential IHT bill your estate may bear a high UK IHT bill, notwithstanding that you have moved abroad.

Earlier this year HMRC confirmed that QROPS are exempt from UK inheritance tax, so savers can transfer their pension assets into the schemes without having to worry about that issue.

But there is more to financial planning than tax (although sometimes it may be difficult to be distracted by the issue).

Getting a Qrops may offer you the chance to get a pension scheme that is structured in a way that may not be available at home. Contact QROPS.net for the best advice.

Assuming that the size of your pension pot justifies the expense involved, QROPS can be built around an investor's bespoke requirements, and can contain a variety of asset classes that may not be permitted in a United Kingdom pension.

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