Home / News / Transferring to a QROPS or SIPP requires careful thought and preparation

Transferring to a QROPS or SIPP requires careful thought and preparation

Transferring a pension to a QROPS is not for everyone and the decision to do this needs careful consideration and planning.There are some strict guidelines around what you can and can’t do which is why we recommend you take professional advice from an Independent Financial Advisor who is regulated.<

In many cases there are some real benefits in transferring to a QROPS and with expert advice and guidance this can help towards securing a great retirement in years to come.

Some of the key benefits we see in moving to a QROPS is the ability to receive a Tax free lump sum of up to 30%, there is also no longer a need to purchase an annuity or pay a UK tax charge upon death. We believe it provides greater freedom to invest and grow assets over time through a number of Onshore/Offshore funds, the potential for higher fixed rate deposits, and the ability to diversify and create a more balanced portfolio. By moving over to a QROPS you are able to take more control, income and benefits from your pension in the currency you wish and use them in a much more tax efficient way.

A SIPP, or Self Invested Personal Pension is also becoming an attractive and popular solution providing potential investors with much more control over traditional pension schemes.SIPPS can also provide many financial benefits on different types of investments – they act as a ‘tax wrapper’ and by making informed decisions, you can enjoy some terrific tax allowances as well as providing you with the knowledge that you’re working towards a more comfortable and enjoyable retirement.

At Guardian Wealth Management we strongly recommend you take a look at the options open to you and invite you to download our Free Whitepaper on QROPS versus SIPPS which will help de-mystify some of the jargon and mis-conceptions that are out there.

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