Hello all

This is my first post and I believe it is GOOD NEWS for any who have a private pension and are at present using drawdown and have not yet converted to an annuity.

----------------------------PENSION INFO ---------------------------------
I have recently received information on QROPS.

This is a new scheme the government have brought out (rather quietly) to allow people who have lived outside the UK for 5 years or more to have access to their private pensions.

(not the state pension)

If you have DRAWDOWN INCOME - and not yet converted into an annuity you qualify.

You may apply to have all your private pension transferred out of the UK and you can then have it immediately in cash, either invest it or spend it.
(With no tax on the pension.)

The Government will send you ALL the forms and it is quite daunting.
( I wonder why)

However I have found a company who takes all the hassle out of doing this.

(They charge a fee- No one works for nothing do they.)

In my case I have a further 9 months to go before I qualify and then I can have the cash.

This is a real first. I can only think this will not remain open for long. A pity for those in the UK as they need 5 years outside.

Again I wondered WHY?

I wonder also.... who will benefit in the government circles?

Other info:
From 5th April 2006 any transfer of UK benefits to an overseas scheme are only permitted if the transfer is going to a scheme that has been registered with HM Revenue & Customs, in the UK.

Transfer to NON QROPS will result in a 40% to 55% tax charge on the transfer from your UK fund.

In addition to registration the scheme needs to meet specific reporting requirements for a period of 5 years after the date of the last transfer from the UK.

www.hmrc.gov.uk/pensionschemes/qrops.pdf

QROPS


Malc

mtismee@gmail.com