Many UK Expatriates are unaware that changes to pension rules were brought in by the British Government to allow greater flexibility in transferring pensions and to remove some restrictions and regulations. A particular advantage to such a pension transfer to an overseas pension scheme can remove the requirement to purchase an Annuity and may have further tax advantages.

Introducing Qualifying Recognised Overseas Pension Schemes or ‘QROPS’
Since April 2006, individuals intending to leave or those who have already left the UK, and who have left behind private or work pension benefits can benefit from a QROPS Transfer. HM Revenue & Customs introduced QROPS “Qualifying Recognised Overseas Pension Schemes” which allows a non-UK resident to transfer their frozen pension outside of the UK and the restrictive pension rules.

This has led to many UK Expats contacting their advisers for further information on how to improve their retirement options. Pension transfers under QROPS are a tax-efficient way to greatly enhance pension opportunities. Leaving frozen pension in the UK has very restrictive tax rules for UK expats to consider, and we at Spectrum IFA have been advising expats across Europe on QROPS solutions that fit their individual requirements. In some circumstances however it may not be appropriate to transfer your pension, each case is treated on its merits and a full review is undertaken.

• Do you intend leaving the UK?
• Have you left the UK and are working overseas?
• Are you now living overseas and have pensions still in the UK?
• Would you like to understand more about QROPS?

 Does QROPS apply to me?

• Do you intend leaving the UK?
• Have you left the UK and are working overseas?
• Are you now living overseas and have pensions still in the UK?
• Would you like to understand more about QROPS?

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