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What You Need To Know About Qrops Before Making An Investment
QROPS or Qualifying Recognised Overseas Pension Schemes are designed to offer a wide range of financial benefits to expats and individuals with UK pensions who have chosen to live abroad for a substantial period of time. It can give a huge boost to the pension fund and help you control your investments better. There is a slew of tax benefits also associated with the scheme.
The most popular reasons why people prefer HMRC QROPS to invest their pension funds are:
1:The convenience of getting paid in the same currency as the country you have moved to. This helps avoid income erosion because of changes in currency rates
2:You can conveniently avoid UK income tax on your pension income. Depending on the country you are residing in, you can pay a lower rate of tax and therefore make more savings
3:QROPS allow you to pass your remaining pension fund to your loved ones on death. This way, a tax of 55 percent can be avoided which would be deducted from your fund if you had remained invested in the UK
4:QROPS transfers offer a greater choice of investment and better flexibility. You can maximize your fund ...
... growth and get the best returns for your investment in the future when you need them the most
The qualifying recognised overseas pension schemes are recognised by Her Majesty’s Revenue and Customs (HMRC). The scheme was introduced in recognition of the fact that more people are leaving the UK to retire abroad and the countries where they settle have different approaches to pension. The first and most important difference between a QROPS and UK pension is that the fund accrued in a QROPS does not have t0 be used to buy an annuity.
The services of established and licensed QROPS providers must be used to make the best use of the scheme for your specific income and investment situation. They will advice you how you are not restricted in your choices of investment to make your pension fund grow. By investing in QROPS, you can still take advantage of the UK tax relief available for saving into a pension fund.
QROPS advice from independent QROPS professionals can help you make the right decisions.
Gerard Associates provides the best consultancy for QROPS related queries and issues. They have a powerful team of certified Financial Planners and experts in QROPS who can provide you professional assistance related to this pension scheme. Please visit GerardAssiciates.co.uk for more information.
Harris works at Gerard Associates, which is a Financial Services Authority authorised and regulated firm with offices in Bristol and Tiverton. For more information about income drawdown please visit us at GerardAssociates.co.uk
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