Qualifying Recognised Overseas Pension Schemes An Overview

By Author: Alpha Bytes
Total Articles: 36
Comment this article

Qualifying Recognised Overseas Pension Schemes or QROPS is a scheme backed by the UK government, wherein a pensioner has the option to transfer his pension funds to another country, where he wishes to retire and settle down after retirement. Thus, offering a variety of services and options for a pensioner, Qualifying Recognised Overseas Pension Schemes o QROPS has proved to be one of the most attractive offers for pensioners. Besides providing the option to transfer the funds, QROPS also provides features to invest in diversified funds and portfolios for optimal results and maximum profits. In order to assist any pensioner, there are several pension drawdown providers and experts who can guide and suggest the best pension plan for investment. Pension drawdown is a scheme which enables the pensioner to buy out his gratuity amount, and invest that in some portfolio such as equity shares or insurance.

There are several reasons as to why a pensioner would want to opt for Qualifying Recognised Overseas Pension Schemes or QRPOS program. Normally, a pensioner can choose Qualifying Recognised Overseas Pension Schemes if :

a) He ...
... or she wishes to relocate to another country besides UK permanently and never wish to come back

b) The pensioner wishes to save tax on the amount earned via pension funds

c) International workers, who have worked and stayed in UK, but now want to return back to their native country

In all these scenarios, the Qualifying Recognised Overseas Pension Schemes or QROPS plan can assist the pensioner, and help him or her to transfer their funds and invest that in some of the better portfolios for better and higher returns. As per the rules laid out while rolling out Qualifying Recognised Overseas Pension Schemes plan in 2006, it was clearly mentioned that this plan can be availed in any country where the pensioner wishes to relocate, provided it compiles with the laws and regulations laid out and stipulated by Her Majesty Revenue and Custom department.

The full understanding of the term Qualifying Recognised Overseas Pension Schemes is:

Qualifying: This scheme is mainly for those pensioners and retirees who are qualified for the pension funds released by the government upon completion of their respective job tenure, and depending on the rules and regulation of their particular sector.

Recognised: This particular scheme is recognised and approved by the country’s government where the pensioner is wishing to relocate and emigrate permanently. Thus, the pensioner should clearly understand and research this qualifying question of approval by that country.

Overseas: This scheme is mainly for pensioners who wish to relocate to another country, outside UK.

Pension Scheme: mainly this plan is a pension scheme.
Interested pensioners should contact well known and reputed pension drawdown providers for more information related to Qualifying Recognised Overseas Pension Schemes or QROPS plan.