UK Pensions Transfers
Many international workers have accumulated various pension “pots” around the world and keeping on top of several isolated pensions can prove not only costly but also ineffective when looking to maximise growth, flexibility and ensuring that that you are not paying too much tax in your country of residence.
In 2015 the UK Government implemented the most radical shake up of the UK Pension Industry for decades. Understanding and protecting these benefits can be difficult without knowing all of the facts. We provide the information which highlights the benefits and risks of transferring your pension pot within the UK or overseas.
Have you considered the following important issues?
What is a SIPP?
A Self Invested Personal Pension is a UK based private pension with added functionality, transparency and flexibility. A SIPP is a pension ‘wrapper’ and within the wrapper you can invest in a range of opportunities, effectively designing your retirement strategy to best suit you to and through your retirement. It’s worth noting that as this is a UK based plan, it is subject to all the benefits and drawbacks of UK legislation. It is a fully functional and regulated UK plan and will continue to meet your needs whether you are a UK resident or live overseas.
What is a QROPS?
A Qualifying Recognised Overseas Pension is an international pension plan recognised by the HMRC. While it is recognised and authorised to accept transfers of pension funds from UK plans, it only needs to report to the HMRC for its first 10 years and it is not subject to continuing UK pensions legislation. It can adapt to your changing circumstances and can also benefit from local taxation.
Whether you are looking at your Pension options for the first time or you have an existing QROPS or SIPP which you would like reviewing, we are here to help you make the best choice for you.
