Retirement Articles

How To Speed Up Your QROPS Transfer

International IFAs are grumbling about Qualifying Recognised Overseas Pension Scheme (QROPS) rule changes that mean some transfers take up to six months. The new rules require a UK regulated IFA to review offshore IFA advice to expats transferring final salary pensions to QROPS. They are complaining that the rule means pensions transfers are slowed down […]

What Can A QROPS Pension Do For Me?

Forget the glossy brochures and time sifting through technical information and get to the nitty gritty – what can a QROPS do for you? Well, you gain all the benefits of a UK personal pension and then some. Four key points to think about are these: 30% tax-free lump sum While your UK pension is […]

120,000 Savers In Rush To Take Pension Cash

The first official independent figures detailing how new pension freedoms are working for consumers have been released. The Financial Conduct Authority (FCA), the pension industry regulator has put the data together for the first three months of pension freedom, which started on April 6, 2015. The figures show: 204,581 pensions have been accessed by consumers […]

How To Switch Your Pension To A QROPS

Switching your pension to a Qualifying Recognised Overseas Pension Scheme (QROPS) is not as complicated as many people may try to make you believe. QROPS have many tax and investment benefits for British expats, while HM Revenue & Customs (HMRC) has a habit of  changing the rules without warning to exclude some retirement savers from […]

Pension Freedom – Taxing Your Retirement Cash

Working out how much pension cash you will actually have can be rather taxing. Remember that the following tax rules apply to UK taxpayers and that expats who are tax resident elsewhere will have a different pension tax regime. They should take local professional financial advice about the best way to take their pension cash. […]

Pension Freedom – How To Pay Less Tax

Pension providers must deduct income tax from any payments they make to you in the same way an employer takes tax and national insurance from your salary. This can trigger tax issues for some retirement savers if the tax due on any pension withdrawal is set off as an emergency tax because the personal allowance […]

Who Can You Trust For QROPS Advice?

Stopping pension scams is the top priority for the watchdogs tasked with safeguarding financial services for consumers in the UK. In a speech to IFAs, Financial Conduct Authority (FCA) technical specialist Rory Percival admitted the industry is teeming with fraudsters and the risk of falling victim to a scammer has risen dramatically with the introduction […]

QROPS Firms Ready To Swoop On Australian Market

Hawkish Qualifying Recognised Overseas Pension Scheme (QROPS) providers are ready to swoop on the decimated Australia pensions market for expats. 1,650 Australia QROPS were delisted by HM Revenue & Customs (HMRC) in June in an ongoing row about providing benefits to retirement savers aged under 55 years old. HMRC says only over 55s can access […]

Treasury Confirms Another QROPS Rules Mess

Civil servants and public workers transferring their pensions to Qualifying Recognised Overseas Pension Scheme (QROPS) face a race against time as the government moves to change the law. Public sector pension savers were banned from switching their funds to an offshore QROPS as part of Chancellor George Osborne’s pension overhaul in April that introduced flexible […]

Tax Man’s Axe May Fall On Canada QROPS

Canada Qualifying Recognised Overseas Pension Schemes (QROPS) look like the next contenders to bite the dust in the British tax man’s clear out of offshore pension schemes that pay out to the under 55s. Most Canada QROPS have few age restrictions allowing retirement savers to cash in their funds when they like. This contravenes the […]