|If you do not require advice, or|
If you have received advice and want to save money
Then we are able to conduct your business at minimal cost to yourself, if
You are prepared to sign as acting for yourself (third parties need not apply)
|I have UK pensions ( excluding state pensions) worth at least £50k|
|I am planning to, or currently, live overseas|
|I am not planning on returning to the UK|
|I will be out of the UK for a minimum of 5 years|
|I have already purchased an annuity?|
|My private/personal pension is already in drawdown?|
|My company/occupational pension is already in drawdown?|
|I am still a UK resident and have no intention of moving overseas?|
Depending on your status and current location, along with future living plans, we can answer your queries and provide qualified and expert advice, without any further obligation from you.
The key here is that one size does not fit all. However, anyone with a UK pension scheme who now lives overseas as an expatriate, or is planning to leave the UK, can now transfer their existing pension provisions into a QROPS (Qualifying Recognised Overseas Pensions Scheme).
Income from UK pension arrangements is subject to income tax. It is collected as a withholding tax at 20%, and this tax is applied to everyone in receipt of UK pension income whether or not they live in the UK and with no exemption for foreign nationals.
Transferring pension rights to an overseas pension scheme means that UK income tax on pension income can be legitimately avoided.
Overseas pension schemes allow for the use of pension funds to purchase property that is not allowed under UK rules. For further information please see http://www.ukpensions4expats.co.uk/
UK pension funds often have a bias towards investment in UK assets. Overseas pension funds provide the scope for diversifying, as well as the option for more personalised investment management.
Overseas pension schemes allow for the payment of pensions in currencies other than Sterling, providing a valuable safeguard for expats.
Pension rights that are transferred to an overseas pension are also taken outside the UK inheritance tax net, which can result in a significant succession planning benefit. One form of UK pension arrangement levies a combined 82% tax and penalty charge on the death of the pension plan holder!
Overseas pension schemes will usually ensure that residual pension funds pass to the intended beneficiaries much easier and quicker than would be the case in the UK.
Depending on the jurisdiction chosen for the Overseas Pension Scheme, there is the potential for greater protection against creditors and other claimants than is typically available.
Please note: We have a UK qualified G60 adviser who can provide advice on whether QROPS transfers should be considered by you as they are not right for everybody. You cannot transfer to QROPS if you are already taking income from a final salary / occupational scheme. Nor can you transfer a state pension to a QROPS, or if you have purchased an annuity.
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