UK Pension Transfers

UK Pension Transfers - QROPS

“Pension reforms, like investment advice and automatic enrollment, will strengthen the ability of People to save and invest for retirement” Steve Bartlett

A qualifying recognised overseas pension scheme (QROPS) is a scheme recognised by HMRC as meeting the standards and conditions equivalent to a UK pension. This approval process allows anyone with a UK registered pension who is living outside the UK to transfer their UK registered pensions offshore. Taylor Brunswick, in conjunction with specialist pension providers, can arrange a QROPS structure for you.

There are a number of benefits in doing this:

  • Consolidation of UK pensions in an offshore structure with no cap on transfer value
  • Greater investment choice
  • Tax planning opportunities
  • No capital gains tax or income tax is charged on the assets within the QROPS
  • Tax free lump sum at retirement
  • Estate planning and succession planning opportunities.
  • There is no requirement to purchase an annuity
  • Flexibility as to when the benefits can be taken between age 55 to 75
  • Tax efficiency on drawdown

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