QROPS FAQs – everything you need to know about QROPS
QROPS pensions, Qualifying Recognised Overseas Pension Schemes
Do you live, work, or plan to retire abroad? Do you have the rights to citizenship elsewhere or are you married to someone from outside of the UK? It may be that your UK pensions are no longer appropriate to your current circumstances and plans for the future.
Qualifying Recognised Overseas Pension Schemes (QROPS) can prove a vital part of pension and retirement planning for those who say yes to these questions. It is possible to transfer your existing UK pensions to a QROPS, but it’s very important to seek expert advice to ensure the plan is best suited to you, your circumstances and plans for the future.
QROPS carry different types of benefits to typical UK pensions which can prove invaluable to non-UK residents, particularly those with significant pension savings and seeking improved tax efficiency.
QROPS are just one of the many types of pension available, and are by no means everything to all people. Download our free guides to find out more about living, working and retiring abroad, as well as learn a few facts about the financial planning opportunities available to you.
Just some of the potential benefits of a QROPS include:
- Improved death benefits
- Better tax efficiency
- Ability to hold pension savings in excess of the UK lifetime allowance (currently £1.25m)
- Ability to contribute beyond UK annual limits (currently £40,000)
- Ability to hold investments within your pension in a local currency, avoiding the effects of currency fluctuation risk
- Ability to take advantage of flexible income benefits at retirement
Please feel free to contact us if you have any further questions or would like some help with setting up your QROP’s.