If you are living in the UK but have plans of retiring outside of the country, then the QROPS Pension is just the thing for you. Most people tend to think that it is a way to save tax and that it is only for the richer strata of society. Trying to find the right fund for you is not always easy, that is why it helps to talk to your investment advisor as well as your bank to see which one would benefit you the most.
The pension scheme is for everyone. However, you have to remember that there are costs that you have to incur when you transfer as well as fees. For example, if the value of the pot is less than 30,000 then the gains will definitely not outweigh how much you will spend in transferring the money. In most cases, you can transfer funds to a QROPS Pension but not for a state pension. They will not think about how much you are worth financially or where you live and other such non issues.
If you have a QROPS Pension then you are better off with the tax advantages as well as flexible investment options. One of the options that you have when you are planning your retirement is that you can consolidate smaller pensions into a single QROPS account. It reduces any administrative costs along the line as well.
Some of the negative publicity that comes with the QROPS Pension is from the local pension providers who do not want to lose business to overseas schemes. These SIPP providers normally attract the wealthier clients due to the manageability of fund options. The SIPP is a good option if you are not planning to retire abroad. With the QROPS, you get all the benefits of the SIPP but the extra benefit of being in a low tax jurisdiction.