FAQ Pension Transfers & Process FAQ Pension Transfers & Process

Who can transfer their pension into a QROPS?

Anyone that has been overseas for 5 years or more and plans to retire overseas. Even if you are still in the UK you can apply for a ROPS but you cant take the benefits until you have been offshore for 5 years and reach the age of 55.

When I transfer into a Recognized Overseas Pension Scheme can I take 100% of my pension of course after paying tax?

No you can only take 30% as a tax free lump sum. If you were in the UK this would be 25%. The UK government is still at present deciding whether to let offshore pension holders access to taking 100% like the pension reforms of 2015 in the UK allow UK residents to do.

Can I return to the UK with a ROPS?

Yes there are still advantages of returning back should you do this for any unexpected reason or family circumstance. The ROPS would act like a SIPP but the major advantage at the moment is that upon return you would only pay tax on 90% of the pensionable income.

Can I setup a Recognized Overseas Pension Scheme myself to avoid using an advisor?

This option isn’t really possible due to the complexity of the ROPS and the advice needed. There is advice needed in areas from the fact find and first review through to where to base the ROPS and then through to the choosing of the bond and investment funds to invest in. The benefits are already immense for the ROPS holder and the charges involved never outweigh the savings made by the pension holder transferring to the ROPS.

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