A respected trade magazine has highlighted the benefits of taking out a Qualifying Recognised Overseas Pension Scheme (QROPS).
QROPS pension transfers are growing in popularity amongst expatriates for a number of reasons, with significant tax benefits being one of the biggest.
An article published by the Investors Chronicle has further drummed home the benefits of such pension transfers, benefits including higher drawdown rates, less taxation, greater investment flexibility and much more.
The article, found on investorschronicle.com also highlighted a few other bonuses: “Other benefits include the fact that QROPS are generally outside the jurisdiction of UK divorce court orders and they may offer you the option of drawing your pension in the currency of the country where you retire. QROPS are also not subject to the UK life time allowance cap, currently £1.8m, so if you are planning to retire abroad and are approaching the UK pension lifetime allowance it could be worth transferring to a QROPS before you breach the lifetime allowance and incur a 55 per cent charge on the excess.”
However, the article also stresses the importance of going through a reputable provider. Get in touch with a recommended financial adviser today and learn more about the options that are available to you as you plan for retirement.