Expat QROPS Advice
23.08.2011

If you are an expat or retiree looking to move abroad, you may have already heard about Qualifying Recognised Overseas Pension Schemes, or QROPS. If you’re considering transferring your UK pension into a QROPS then it is important that you seek advice from a professional QROPS adviser who understands the implications of transferring a UK pension into QROPS fund.

Guardian Wealth Management can provide quality QROPS advice to expats, in order to help you decide whether or not QROPS is a better option for you than leaving your pension funds where they are. There are several important stages that a wealth management adviser should guide you through in order to make this decision and get the best out of your pension funds.

QROPS Advice – Important Things To Consider

In order to provide the best QROPS advice to expats, a good wealth management adviser should consider and deliver the following stages of guidance, advice and support:

Stage 1 – Assessment
QROPS can be a positive move for many expats, but in some cases (particularly final salary schemes), your funds will work better for you if they are left where they are. Our wealth management advisers will help to assess and analyse your existing UK pensions, in order to ascertain whether or not a QROPS will be the most suitable option for your specific circumstances.

Stage 2 – Improvement
Once your existing UK pensions have been assessed, you will need to see if transferring your pension into a QROPS will offer improvements in your financial standing. If you have several existing UK pensions you may find that consolidating them all into one of QROPS is the best plan of action. Sometimes, however, it may be more advisable to leave one or more of your pension schemes where they are, while moving others into a QROPS. Any decisions that you make should be based on the advice you receive on the benefits you may lose by transferring as well as considering if this will improve your circumstances. Our robust process followed by our wealth management advisers will ensure that your decisions will be based on what is best for you.

Stage 3 – QROPS and Inheritance
Your QROPS adviser will help you to identify the advantages a QROPS can provide in terms of inheritance. If leaving money to your partner or children is important to you, then a QROPS can be a positive wealth management move. A QROPS does not require you to buy an annuity and in the event of your death, your QROPS lives on as an asset to pass onto your loved ones.

Stage 4 – Where In the World
The amount of taxes that you pay depends on where in the world you live. Your wealth management adviser will explain to you that you do not need to be resident in the same country from which you have sourced your QROPS. As long as you are an expat living outside the UK, you can hold a QROPS in any jurisdiction. Your adviser can give you relevant QROPS advice to help you find the right balance in order to achieve your retirement goals.

Stage 5 – QROPS Advice From The Experts
Because sourcing the right QROPS can be quite a complex procedure, it is important that you get the best QROPS advice available. Make sure that the company you are dealing with is regulated in the jurisdiction within which you live ,Guardian Wealth Management is regulated to operate in all jurisdictions in which we operate.

Stage 6 – Letting Your Wealth Management Adviser Do The Hard Work
If you are paying a fee to a QROPS adviser, then it’s only fair to expect them to handle all of the paperwork and administration required to set up your new QROPS. Make sure that your adviser truly understands your financial goals and has talked you through the points raised in this article. It is also worthwhile doing an additional check with the HMRC – they hold a database of recognised QROPS providers, so if your proposed QROPS scheme is not on the list, walk away and find a new wealth management adviser.

Stage 7 – Keeping On Top Of Things
Once the most suitable QROPS has been identified for you and your adviser has helped you to make all of the necessary arrangements, it’s time to relax and really enjoy your retirement. However, it’s important to bear in mind that tax laws and your own circumstances are subject to change. Make sure that your QROPS adviser offers you periodic reviews in order to assess how changes in the marketplace may be affecting your status and your funds.

Expert Wealth Management Advice For Expats

As you can see, making the best wealth management and pension decisions can be a complex task and an ongoing process. That’s why we guarantee up-to-date, professional advice for expats, provided by our experienced advisers in the UK, Europe and the Middle East.

Contact us now if you would like to speak to an adviser for expat QROPS advice – or download our comprehensive QROPS guide free of charge.