Tumultuous stock markets and global financial disarray are leading more expats into taking out QROPS pension transfer.
Financial advisers have been speaking recently about a surge in QROPS interest that has spun out of economic unrest. QROPS pension transfers enable anyone who is entitled to a UK pension the option of transferring their pensions overseas, and in turn receiving a number of benefits, provided they are leaving or have already left the UK.
One adviser remarked: “The markets are being battered and trillions are being wiped off global share prices. Around 60 per cent of an average pension fund is invested in shares, so the current situation affects many people’s financial futures. What we’re witnessing is most concerning for those with personal pension funds and on the cusp of retirement.”
These issues seem to be contributing heavily to the QROPS trend: “The trend is soaring as more and more Brits learn about the benefits of transferring their pension. With daily reports of leading companies having high percentages wiped off, anyone in the UK who is planning to retire abroad, or who is currently living outside Britain and collecting a pension there, should consider a Qualifying Registered Overseas Pension Scheme (QROPS)”, the adviser added.