QROPS Advice

GC QROPS – QROPS Advice

If you have left the UK and are seeking QROPS advice about transferring your pension to an overseas scheme, then look no further to GC QROPS.

We will arrange a consultation to explain the advantages and disadvantages of transferring your UK pension scheme into an overseas pension scheme, commonly referred to as Qualifying Recognised Overseas Pension Schemes (QROPS).

QROPS Advice – Advantages and Disadvantages

Over the last few years we have seen a large increase in the number of people choosing to take advantage of a QROPS Spain.  This comes as no surprise due to the popularity of the potential flexibility and tax efficiency that can come with holding assets offshore.

The potential advantages of transferring your UK pension into a QROPS Spain include:

– Consolidation of many UK schemes into one overseas pension;

– No need to purchase an annuity;

– Less tax when drawing pension income;

– Earlier retirement when compared with a UK pension;

– The chance to pass the pension on to heirs without attracting inheritance tax;

– The ability to hold funds in a choice of foreign currencies.

The process of transferring a UK pension into a QROPS Spain is relatively simple but can be time consuming.  The entire process can take up to 6 weeks from start to finish.

Your QROPS Advice will include;

– Consultation with a specialist financial advisor to determine your aims and objectives.

– A detailed recommendation from your advisor based on your unique circumstances.

– A transfer valuation of your current scheme will be obtained.

– Completion of UK pension scheme discharge paperwork.

– Obtaining a Transfer Value Analysis System (TVAS) from an independent actuary if a larger final salary scheme.

– If required, divestment of your current scheme assets will take place.

– Proceeds will then be transferred to the destination scheme.

If you fall into the criteria below for transferring a UK pension into a QROPS, then contact us today for more QROPS advice.

– Having a pension scheme in the UK worth over £25 000.

– A final salary scheme not being in payment, and no annuity having been purchased.

– Planned or actual residence outside the UK.

– Being between the ages of 18 and 75.

QROPS need to comply with the rules laid out by the HM Revenue and Customs (HMRC) for overseas pension schemes and allow transfers from the UK to be exempt from a 55% tax charge.

Remember, the pension must be private or occupational.  State pensions cannot be transferred.

QROPS Advice

If you would like more QROPS advice , please call us on +34 698 243 745 or Contact Us Today for an in depth consultation.

GC QROPS has been successfully providing QROPS advice to UK expats with UK pension transfers for 9 years since 2006.

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



Author: Graeme Callaghan
Graeme Callaghan has been successfully assisting UK expats in Spain with UK pension transfers for 9 years since 2006. He has assisted in over 500 successful UK pension transfers for UK Pensioners.

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