Quote:
Originally Posted by number1marketing
Hi Nick
I have a lot of experience with QROPS, which started after A Day in the UK (April 2006) and was set up so people moving or that have already left the UK can transfer their UK personal or occupational pensions to an overseas pension scheme.
There are several reasons for doing this:
There is no requirement to buy an annuity through a QROPS, instead, you can stay in drawdown (where your capital remains invested and you draw income from your capital) and your remaining capital is passed to your estate on death.
If you have been outside the UK for more than 5 years, you can claim up to 30% tax free cash through a QROPS, UK personal pensions are restricted to 25%
I have a pdf quide to QROPS if anyone is interested?
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Just to pick up on a few of your points here:
1. There is no longer any requirement to purchase an annuity in the UK
2. You can claim access to fund after 5 years BUT you need to ensure that this is 5 years of you being a non UK tax resident and ALSO that the funds in most cases are not accessed until age 50 (i.e. in line with UK requirements). The 5 year rule relates to when reporting to HMRC is no longer required.
3. People have always been allowed to transfer pension benefits offshore from the UK QROPS rules have simplified this process thats all.
4. Please send me a PDF also.
cheers.