If you have a UK pension but you have moved
overseas, it is important to get advice from a qualified QROPS pension adviser
as you and your family could possibly benefit from changing your "frozen"
pension to a QROPS, a qualifying recognised overseas pension scheme.
In April 2006, QROPS pension legislation allowed UK
pensions to be transferred to an overseas pension PROVIDING the new scheme
meets certain qualifying rules. These rules were designed to ensure the new
pension to which you transfer broadly followed the UK legislation.
QROPS or Qualifying Recognised Overseas Pension
schemes offer several benefits as an expats/international pension;
- The ability for you to provide much more for your spouse or
dependent in the event of your death.
- Your pension can grow free of tax on dividends
- More flexible choices on retirement including the ability to take
up to 30% of your pension as a lump sum
- Greater range of investments and choice of currency
- With many UK company pension schemes in deficit some expats have
used QROPS legislation to transfer out and manage the pension
themselves (or through an adviser).
If you have a UK pension it is worth finding out if
there are potential benefits to you.
Qualified, Expert Advice
It is a complex area s what is key is that you get
expert advice from a qualified adviser. Spectrum has a specialist QROPS
analysis team in place and your pension will be fully and properly reviewed,
taking into account your personal circumstances.
It will not always be best to make the change. If
we advise that it is best not to transfer your pension, then you will have
peace of mind that staying with your existing pension is the correct