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The Ultimate Guide to Pension Transfers for British Expats


The Ultimate Guide to Pension Transfers for British Expats

The ultimate guide to pension transfers. If you are looking for the ultimate guide in how to reduce your tax contribution to the UK government as a British expat you have come to the right place. Not only can QROPS Specialists maximize your pension and minimize tax relief for British expats, but also help out UK residents considering living or retiring abroad in the future. QROPS specialists help British expats avoid the UK tax man and maximize their pension pot in the process.

Even non-UK residents who have worked in the UK can avoid UK taxes though a pension transfer via a QROPS. For example, a U.S. or Australian citizen who has worked in the UK for several years and has built up a substantial pension pot may be better off by transferring their pension to a Qualifying Recognized Pension Scheme (QROPS) in order to avoid UK taxes.

ultimate guide to pension transfers
Ultimate Guide to Pension Transfers

The Ultimate guide to pension transfers. A QROPS can avoid UK income tax (which can be up to 50% for higher rate tax payers), capital gains tax (up to 28%), dividends tax and inheritance tax (up to 40%). In the UK, most private pensions are now subject to a tax upon death which equates to 55%. This means that if you die, your spouse gets less than half your pension. the beauty of a QROPS pension transfer is that your pension is fully protected from these taxes. Not only do you avoid UK income tax, capital gains tax (CGT), dividends tax and inheritance tax (IHT), but if you die, the entire pension pot gets passed to your nearest and dearest. Furthermore, you can decide exactly who receives your pension and in what proportion. You decide not only the beneficiaries, but the amount that they will receive.

The Ultimate Guide to Pension Transfers. Lowest QROPS Fees

So, which QROPS trust company should you use to transfer your pension? Well, it will depend on several factors, including:

– your age and date of birth
– the type of pension you hold
– where you live now and where you wish to retire
– your residency status in the country you live
– the amount of your pension
– whether your pension forms part of a divorce
– if you are drawing a pension already; for example, if you have bought an annuity already, a QROPS pension transfer is not allowed
– the type of access you require for your pension
– the flexibility of your pension: do you need multiple investment vehicles or do you need to hold commercial property?

The Ultimate Guide to Pension Transfers. QROPS Specialists can find not only reputable, low cost QROPS companies which have low fees for your pension transfer, but we have found, through experience, the companies which have fluid administrative departments to ensure your pension is managed properly.

We will also find the correct QROPS jurisdiction to maximize the tax relief on your pension as well as provide the most protection for current and possible future tax changes in the relevant country where your QROPS will be held.

The Ultimate Guide to Pension Transfers. Higher Rate Tax Payers and Tax Relief

For higher rate tax payers with or without multiple properties, we can help reduce your liability to UK tax to an absolute minimum. In many cases, you will not have to pay the UK tax man anything in regards to your UK pension(s). New QROPS rules in New Zealand means that you can now get access to any frozen pension(s) you may hold and unlock them. Not only will you be allowed access to 30% as a lump sum. But, you will be allowed 100% of any increase in the value of your pension pot as a lump sum after the QROPS pension transfer.

For those with large pensions and multiple properties, this means more investment freedom. You can then use part of your pension for future property or other asset purchases whereas normally your monies would be tied into providing you with a pension income. This investment freedom is invaluable for the wise investor. QROPS Specialists can guide you to choosing the right QROPS structure with the lowest fees and best administrative back up.

Ultimate Guide to Pension Transfers. QROPS Benefits

In summary, QROPS specialists can help you legitimately avoid the Inland Revenue as well maximize your pension pot. Here are some of the benefits of a QROPS pension transfer:

– Avoids UK income tax
– Avoids UK capital gains tax (CGT)
– Avoids UK dividends tax
– Avoids UK inheritance tax
– Avoids UK death tax on pensions

– Allows currency choice. You can move your pension into GBP, EUR, CHF, AUD or USD. So, if you live in Spain, you can move your pension into Euros to avoid currency fluctuations to protect your pension.

– Investment freedom: You can choose a low risk pension with capital protection to secure your pension, whilst offering a higher rate of interest than that offered by the banks or take some more risk if you are younger and gain access to emerging market equities, gold, silver, oil and gas funds as well as commodity funds in order to maximize your pension pot.

For expert advice, please contact QROPS Specialists at:

info@qropsspecialists.com

or see the web site http://www.qropsspecialists.com

Ultimate Guide for Pension Transfers Article for UK Expats by QROPS Specialists

The Ultimate Guide to Pension Transfers for British Expats by

2 Comments

  • Sterling 320k, inflation adjusted guilts, low cost structure sought, 32 years, maximum withdrawal, low pension tax location, 100% available for heirs upon death, left UK in Mar 1998, German, currently Hong Kong, only location outside Germany sought. Also funds in German Rechtsanwaltsversorgungswerk – can that be transferred offshore too?

    • Hi Klaus,

      We can move the UK pension no problem into UK gilts, bank deposits, bond funds or funds with little or no correlation to the market. We can only move private pension policies in Germany and the Rechtsanwaltsversorgungswerk cannot be moved to a QROPS or EURBS. I have sent you more info by mail.

      Best regards,

      Richard

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