If you have a UK pension and live outside of the UK or plan to move overseas, you can transfer your UK pension into a Qualifying Recognised Overseas Pension Schemes (QROPS). The financial benefits can be huge, thereby improving your investment growth, flexibility and future financial security of your pension. There is a wide variety of QROPS pension schemes available which meet your exact requirements and needs. Finding the best solution for your needs can be frustrating. Here at Callaghan Financial Services advice we can provide you with the best QROPS advice, thereby removing any hassle, trouble and time. We have been successfully assisting UK expats in Spain with QROPS advice for 9 years since 2006, and provide you with completely independent and honest advice, so you can make empowered decisions.
For those considering transferring your UK pension in a QROPS, you can look forward to enjoying a number of benefits:
Full Access to your Funds With a QROPS you will be able to access to your pension at 55 and also be able to receive an increased lump sum of 30% rather than the 25% if you have been offshore for 5 years.
Tax Efficient QROPS Take income from your pension in a much more tax efficient way.
Greater Investment choice A QROPS may provide for investments that are not available within the UK.
Options for the under 55’s In some situations a QROPS can be taken at 50. QROPS arrangements offer considerably more flexibility, greater income potential and more investment freedom than a UK pension.
Beneficiary Options QROPS removes the 55% tax on death that applies in the UK on 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 multiple pension schemes to be placed into one plan and be administered more cost effectively.
Currency options A QROPS fund can be held in currencies other than Sterling, providing a valuable safeguard for expats.
Independent QROPS Advice
Callaghan Financial Services main priority is, and will always be ensuring you have the right Callaghan Financial Services advice. Giving you the tools to make your UK Pension fund, work for you! We are also noted for our complete service offering, which not only includes building the best solution, but also transferring your pension, and offering sound investment advice. To find out how Callaghan Financial Services can help you, please Contact Us Today. The current list of HM Revenue & Customs recognised providers can be found here - HMRC QROPS List
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