The potential of full access to your existing QROPS

For everyone with a UK pension scheme who lives overseas will want to convert their pension into as much cash as they can to make their retirement years more comfortable.  It is more than likely that you will most probably rely on your pension to provide a regular income.  Many of you will have contributed regularly to a pension scheme, or schemes, during your working life in order to be able to enjoy your retirement free from financial worries.  This is the main reason people look at transferring their existing pension provision by maximising QROPS Performance.

The Qualifying Recognised Overseas Pension Scheme (QROPS) must comply with HM Revenue & Customs (HMRC) reporting requirements and UK rules as to how and when benefits are engaged to take advantage of the potential of full access to your existing QROPS.  By maximising QROPS Performance the financial benefits can be huge, thereby improving your investment growth, flexibility and future financial security of your pension.

Maximising QROPS Performance – The Benefits of a QROPS:

• Beneficiary options. Removes 55% tax on death that applies in the UK on death. Many people are not aware that after commencing benefits upon death, the UK government will take 55% of your total pension fund and only pay 45% to your beneficiaries. When the scheme is taken away from the UK with a QROPS the 55% tax charge does not apply.
• Consolidation of multiple pension schemes. Many people have multiple pension schemes that are hard to keep track of. A QROPS allows all of these schemes to be placed into one plan and be administered more cost effectively.
• Currency options. A QROPS fund can be held in any currency required to prevent any exchange rate fluctuations.
• Greater Investment choice. A QROPS may provide for investments that are not available within the UK.
• Tax Efficient. Take income from your pension in a much more tax efficient way.
• Options for the under 55’s. In some situations a QROPS can be taken at 50.  QROPS arrangements an offer considerably more flexibility, greater income potential and more investment freedom than a UK pension.

To read more about the benefits of QROPS CLICK HERE.

For more information about maximising QROPS performance and the potential of full access to your existing QROPS call GC QROPS on +34 698 243 745 or Contact Us Today.

GC QROPS has been successfully assisting UK expats in Spain with UK pension transfers for 9 years since 2006.

We are completely independent, and can advise on a wide variety of QROPS pension schemes, thereby maximising QROPS performance  – we are not tied to any single provider, which means that we will recommend the scheme which meets your exact requirements and needs.