QROPS Overseas Pension
What is it?
In April 2006, the UK tax authorities (HMRC) amended their penison legislation to allow non-UK residents (or those with plans to leave the UK) to transfer their UK pension overseas. The rules state that the scheme receiving the pension must be a Qualifying Recognised Overseas Pension Scheme (QROPS).
To be classified as QROPS the overseas pension scheme must meet certain requirements. These are linked to the operating jurisdiction of the QROPS and include how and when benefits are payable and menbership eligibility.
Although QROPS must be registered with HMRC, the ongoing running of the QROPS and its compliance with HMRC rules is the responsibility of the QROPS Trustees.
Extreme caution, due to inappropriate selling practises, must be excercised when investigating this area.
Punitive tax penalties await scheme members whose schemes fall foul of HMRC and several schemes have already done so.
Many "advisors" advocate the use of an offshore bond for QROPS but this is 'belt and braces'. The Trust structure provides almost all the benefits of the offshore bond without the additional cost of commissions payable to the introducer of around 7%. There is no need for a bond wrapper and the Trust.
Here at investoffshoredirect.com we have sourced the very best providers and can offer tailored solutions that do not charge excessive commissions which effectively reduce your pension pot by as much as 9%.
Options are wide ranging but by way of example we can offer:
- Simple, low cost QROPS offering access to a single fund manager offering a wide range of funds, suiting individuals with pension pots as low as GBP40,000
- Fund platform service offering access to some 1,000 funds which can be selected and managed by us.
- Insurance Bond Wrapper (discounted of course)/Nominee Service offers access to the entire universe of offshore funds, ETFs' and stocks listed on major exchanges.
- Bespoke Option offers access to any type of assets including investments into venture capital, subject to certain rules.
E-mail
us now to get prospectus and fact sheet for this fund
