QROPS
Offshore pension structure (QROPS) - available to non-UK
residents
A qualifying recognised overseas pension scheme (QROPS) is any
scheme recognised by HMRC as meeting the standards and conditions
equivalent to a UK pension. This approval process allows anyone
with a UK registered pension who is living outside the UK, or
is intending to leave the UK, to transfer their UK registered
pensions offshore. A QROPS can also be referred to as an offshore
self invested personal pension (SIPP).
We, in conjunction with specialist pension providers, can
arrange a QROPS structure for you.
Special features
- There is no requirement to purchase an annuity
- Flexibility as to when the benefits can be taken between age 55
to 75
- Tax efficiency on drawdown.
Key benefits
- Consolidation of UK pensions in an offshore structure with no
cap on transfer value
- Diverse investment choice
- Tax planning opportunities
- No capital gains tax or income tax is charged on the assets
within the QROPS
- Tax free lump sum at retirement
- Estate planning and succession planning opportunities.
Restrictions / risks
- If you are not intending to retire outside the UK, a QROPS may
not be suitable
- Scheme rules may prevent or restrict withdrawal of capital
- The value of investments and the income from them can fall as
well as rise and you may not get back the original amount
invested
- Past performance is not necessarily a guide to future
performance
- Exchange rate changes may affect the value of your
investments.