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Yes there are, although in most situations we have come across so far, as long as you are a non UK resident and intend to remain so for a total of at least 5 years the benefits to you can be immense. If you have guaranteed annuity rates set many years ago when interest rates were much higher, this would be one such situation that would need careful consideration and advice.
No. QROPS providers will only take pension transfers through their appointed intermediaries.
In our experience the better schemes require funding of around 200,000 GBP to keep the charges to a minimum. However, there are similar schemes available from 50,000 GBP if you have other investable assets such as cash deposits or other investments. Whatever your situation and UK pension transfer value, contact us anyway as there is usually a solution to be found.
The investment choice will normally be very wide indeed. Under certain circumstances you can manage the assets yourself with total freedom, or work with an investment manager / financial advisor. You may also appoint an investment manager to make the decisions for you or with you. It really depends what you are looking to achieve and how involved you would like to be with the investment decisions.
QROPS providers are required to notify HRMC of any payments from transferred pensions in respect of a relevant member. However this does not apply UNLESS the member is:
1. Resident in the UK when the payment is made, or
2. Although not resident in the UK at that time, has been resident in the UK earlier in the tax year in which the payment is made or in any of the five tax years immediate preceding that tax year.
No, although you may if you wish. Without the need to purchase an annuity it means you can invest into better performing assets and gain the advantage of passing any remaining funds upon death to your loved ones.
Most of the schemes are not available to US citizens and there can be problems with US residents; however any other nationality may apply.
There is generally considerable flexibility in the timing of taking benefits from a QROPS. Usually benefits will be taken between the ages of 50 and 75, but it can be possible to access funds before or after these ages. Please contact us for further information dependent on your circumstances.
Any funds remaining upon death of the individual will be paid to those nominated by you as beneficiaries. Dependent on your personal circumstances, significant tax planning opportunities may be possible.
A QROPS can be used to receive transfer values from any UK registered pension scheme (other than annuities and with some UK occupational pensions) even where benefits have been taken. It may still be beneficial to transfer to a QROPS if you are a non-UK resident and intend to remain so for the long-term.
Yes there are, although in most situations we have come across so far, as long as you are a non UK resident and intend to remain so for a total of at least 5 years the benefits to you can be immense. If you have guaranteed annuity rates set many years ago when interest rates were much higher, this would be one such situation that would need careful consideration and advice.
Transfers can take 4-12 weeks. The process is initiated by you completing a letter of authority enabling your advisor to get information from your pension provider of current benefits and a transfer value. This is not binding in any way and will only allow the advisor to receive details of the pension scheme you have.
This will depend on the pension provider you have and the assets that you hold. Generally a transfer will be quicker if converted into cash.
Strong investor protection from a well established jurisdiction similar to the UK, investor protection, transparency of charges and tax efficiency.
A transfer to a HMRC approved QROPS scheme will be a benefit crystallisation and therefore will give rise to a tax charge if the amount exceeds the lifetime allowance (currently £1.65 million in 2008/2009 tax year). If your fund is in excess of this amount then please contact us for specialist advice.
The answer to this is ‘no’. This is because retirement funds that you have built up may need to provide an income for you and your dependents for the rest of your life and perhaps beyond. After the 5 years of non UK residency there are less restrictions and access is something that you will need to discuss with one of our advisers. There may be serious tax implications depending on your country of residence, although we do have specialist solutions available and you should contact us for further details. Full pension fund access may require a second transfer to take place into an international pension scheme.
