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Arbutus Qrops
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Location: | Javea |
Tel: | +(34) 902 88 90 20 and (+44) 1793 554 762 |
Mobile: | (+34) 965 790 918 |
Address: | 401 Ctra Cabo de la Nao
Pla 124-6
03730 Javea (Alicante)
Spain |
Website: | |
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| Details: |
UK pension transfer specialists for ex-pats and non UK residents with access to a large selection of qrops providers including Guernsey, Gibraltar, Luxembourg and New Zealand.
What is QROPS?A transfer of a UK pension fund to a pension scheme provider in an overseas location such as Guernsey, Gibraltar, Luxembourg or New Zealand is done via a Qualifying Recognised Overseas Pension Scheme or QROPS, pronounced “queue-rops”.
Advantages of QROPSDon't wait until you retire to take control of your UK pension. If you are in your 40s, 50s or 60s there are some compelling reasons as to why you should address your pension now. As a non UK resident with an existing UK pension fund and as legislation currently stands there remains the opportunity to take control of your pension fund. Do not wait until you retire. It may be too late.
HMRC APPROVAL AND THE FIVE YEAR RULE
Her Majesty’s Revenue and Customs (HMRC) allow the transfer of a UK pension fund to a QROPS.
For someone with a UK pension fund, a QROPS can be taken out as soon as they have become a non UK resident providing they intend to remain so for the foreseeable future. Therefore, a QROPS can be taken out as early as the first day of non UK residency or after say two years or even many years later.
For those QROPS members who have been resident in the UK at any time in the last five tax years, the scheme must behave as though it were a UK scheme. This five year rule does not relate to the time the QROPS was taken out it relates to non residency.
After five complete tax years, this requirement falls away and additionally, there is no reporting requirement to HMRC.
SUMMARY OF THE ADVANTAGES
- Freedom to Control Investments
- Flexibility to access funds
- No requirement to purchase an Annuity
- Access to income and capital without deduction of tax
- Transfer of the fund to future generations upon death
- Free from UK Inheritance Tax
- Tax planning
All of the above advantages become possible after your UK pension fund has been transferred to a QROPS and you have been a non UK resident for five complete tax years. Why wait?
TAKING ADVICE
The transfer of pension rights from any UK registered pension scheme is not a matter to be taken lightly and specialist advice is essential. It is important to choose a specialist pension advisor that is UK regulated by the Financial Services Authority and has the appropriate UK pension qualifications.
We would not recommend the use of a non UK regulated firm for specialist advice.
Our associate partner advisory firm specialise in pensions. Importantly, they are UK regulated by the Financial Services Authority and have the appropriate UK pension qualifications. At the forefront of the industry, liaising directly with providers and HMRC, they are arguably one of the leading authorities on QROPS transfers.
The QROPS MarketThe market for overseas pensions transfers opens up.
During the last few months the market for the transfer of UK pension funds to overseas providers via a Qualifying Recognised Overseas Pension Schemes or QROPS has started to open up. We welcome this move and we are well positioned to be able to offer one of the largest and most up to date selections of QROPS.
THE MARKET FOR OVERSEAS PENSIONS TRANSFERS OPENS UP
During the last few months the market for the transfer of UK pension funds to overseas providers via a Qualifying Recognised Overseas Pension Scheme or QROPS has started to open up. We welcome this move and we are well positioned to be able to offer one of the largest and most up to date selections of QROPS.
Until recently, there were only a very small number of QROPS available. Unfortunately, the associated costs acted as a deterrent to many who would have otherwise benefited from the overwhelming advantages of making a transfer.
This is entirely normal in the financial world when a new market arises. The initial entrants are able to charge premium prices. Over time as the market develops new entrants will often seek to obtain greater market share by offering the same or similar products but at a lower price.
GUERNSEY, GIBRALTAR AND LUXEMBOURG
The good news is that new schemes are beginning to open up the market and many more are due to come to the market over the coming months. For example, one brand new Guernsey scheme (administered out of Gibraltar) will reduce significantly the costs for those with large funds compared to other comparative products. The set up costs are capped at £1,500 and the fixed annual management charge is £1,750.
We are also expecting to see a competitive new scheme being based in the Gibraltar jurisdiction shortly. Another in Luxembourg is also due soon. Luxembourg pension laws in certain areas (in particular relating to lump sums), are more generous than Guernsey, and will also be very attractive on cost grounds.
THE PROBLEMS WITH SINGAPORE
Until recently, Singapore and Guernsey were the two most popular jurisdictions for the transfer of pension funds into QROPS. Our associate partner with whom we work with never liked the Singapore solution and therefore it was never recommended.
This proved to be the correct decision. In May 2008, HMRC withdrew the QROPS status from all Singapore schemes. Anyone who was advised to enter such a scheme appears to be “trapped” as the provider who dominated this jurisdiction will not allow transfers out for the time being.
TIME FOR A SECOND OPINION
The transfer of pension rights from any UK registered pension scheme is not a matter to be taken lightly and specialist advice is essential.
If you have already had a recommendation made to you regarding your options why not take a second opinion from specialists at the forefront of the industry?
Do you have Questions?We have put together a list of the most frequently asked questions when it comes to discussing QROPS with our clients. If your answer it not here, please do not hesitate to contact us and we will endeavour to answer your question personally.
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| Seller Details |
| Overall Performance |
7.7 of 10 |
| Customer Feedback |
Excellent |
| Customer Satisfaction |
100% |
| Grading Accuracy |
100% |
| Fill Rate |
85% |
| Time to Ship |
2.5 Days |
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| Seller Performance |
| Overall Performance |
7.7 of 10 |
| Customer Feedback |
Excellent |
| Customer Satisfaction |
100% |
| Grading Accuracy |
100% |
| Fill Rate |
85% |
| Time to Ship |
2.5 Days |
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