We locate, review and transfer UK pensions for British expats. Our regulated advisors can obtain a free pension report on your behalf, and determine if you qualify for an offshore pension transfer, which can reduce income tax, eliminate death tax, increase your tax free lump sum and allow you to retire as early as age 55.
UK pensions were in a critical condition in 2015, and now with pension deficits at an all time high in 2016, companies cannot afford to pay future retirees. If you have a company or private pension, you should review it now and find out how this is affecting your money. Most expats do not know about the below:
We can obtain a full UK Pension report direct from your provider that answers these important questions:
If you are an expat, you can take advantage of a pension transfer to a (QROPS) scheme, which can dramatically reduce tax and improve the flexibility and accessibility of your pension pot. These transfers are permitted under European Law and the schemes recommended are approved by HMRC.
If you are living in the UK, you can take advantage of moving your pension to a Self Invested Personal Pension, or you can leave the pension where it is. Your options depend on the information contained in the pension report and of course your own personal circumstances. If you are living outside of the UK however, a QROPS may be more suitable.
A QROPS (Qualifying Recognised Overseas Pension Scheme) is an HMRC approved overseas pension scheme that provides expatriates with a safe and tax efficient means of saving and accessing their retirement funds. QROPS was introduced in April 2006 in order to simplify pensions for non-residents and to allow UK pension holders to have broader access to their funds in their country of residence.
If you leave your pension in the UK, you are subject to three taxes; income tax, death tax, and lifetime allowance tax. Depending on your circumstances, income and death tax can be as high as 45%, whilst lifetime allowance can be 55%. Moving your pension into a QROPS may mitigate all UK taxes, allowing for a higher income upon retirement.
The annual cost of a QROPS is very similar to a UK pension scheme. The costs will vary depending on how much you have in your pension pot, as well as the provider you choose, just like in the UK. After you receive a full report on your pension(s), you are able to calculate the exact cost of transferring to a QROPS, which allows you to make an informed decision on whether or not moving your pension is beneficial.
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