Welcome to The Pension Check

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.

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Why Should You Review Your UK Pension?

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:

  • Income and death tax charges when retiring overseas
  • Increasing retirement ages for a large number of UK schemes
  • Reduction of pension benefits for deferred/frozen members
  • Risk of their scheme falling into Pension Protection Fund
  • Multi-billion pound UK Pension deficit

What We Do For You?

We can obtain a full UK Pension report direct from your provider that answers these important questions:

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  • How much is your pension actually worth today?
  • How has your pension been performing?
  • Where is your pension invested?
  • Is your pension fully funded, or in deficit?
  • Will you be affected by the 45% UK Death Tax?
  • Are you entitled to a tax free lump sum?
  • Can you retire at age 55?
  • What benefits are your family entitled to if you pass away?
  • What should your pension be worth when you actually retire?

What are your options?

 

FOLLOWING THE REVIEW, YOU MAY BE ELIGIBLE TO TRANSFER YOUR PENSION AND MAKE IT MORE FLEXIBLE, ACCESSIBLE AND TAX EFFICIENT

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.

QROPS

What is a QROPS?

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.

Why should I know about QROPS?

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.

How much does a QROPS cost?

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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Free Review

Complete the form below if you would like a free pension review.

If you see an error message, or you don’t receive a reply within 24 hours, please contact us direct at info@thepensioncheck.com