An advice site from Infinity Financial Solutions.
Infinity Financial Solution's guide to

QROPS: the pension for expats

A special pension scheme for people with UK pension funds

Kaleidoscope

QROPS (Qualifying Recognised Overseas Pension Scheme) became accessible for UK pension transfers in 2006 and can now help Brits and other UK pension holders to retire abroad by taking their pensions with them.

Pension funds left in the UK are heavily taxed - in some cases more than 50%. Transferring a UK pension fund to a QROPS scheme can avoid UK taxation. But, with strict qualifying criteria and around 2,000 QROPS schemes currently available, choosing the right one for you can be daunting.

QROPS offers a great opportunity with some outstanding benefits ...but make sure you get good advice.

For people with UK pension funds planning to retire abroad, QROPS could be the key to unlocking those funds.

The benefits of a QROPS pension scheme

  • No inheritance tax.
  • Reduces the amount of income tax - in some cases to zero.
  • If you die, all of your pension passes, in full, to beneficiaries of your choosing.
  • Removes the potential need to buy an annuity.
  • Can provide a tax free lump sum greater than that in the UK, after five years.

Why you should talk to Infinity

  • Our consultants cover the Far East, so wherever you are, we can be there too.
  • HMRC rules and regulations for setting up QROPS schemes are very strict - you need an expert to make sure you choose a qualifying scheme.
  • We've helped hundreds of British expats take advantage of QROPS.
  • We really understand what it's like living and working abroad... after all, we're expats too.
  • Long-term financial planning is the backbone of our business.

There are countless QROPS schemes to choose from - so it's vital to seek the advice of an expert to help you make the right choice.

Light bulb

Five things you should know about QROPS

  • QROPS schemes must be recognised by HMRC (Her Majesty's Revenue and Customs office)
  • Schemes do not need to be set up in your new country of residence
  • ...but they must be established in an approved country, e.g. Isle of Man, Jersey, Switzerland, Australia, New Zealand, or a member state of the European Union
  • At least 70% of the funds transferred should be used to provide the member with income for life
  • The remaining lump sum plus investment growth can potentially be accessed from age 55

If you're one of the three million Britons living abroad, and you have a UK pension scheme, or if you are of any nationality and you hold a UK pension, call us to find out if you could take advantage of QROPS

For Further Information

Visit the main Infinity Financial Solutions site, including our page on pensions and QROPS.

Get in contact by email: info@infinitysolutions.com.

Or go to the main Infinity contact page to find your local Infinity office telephone number.