Użytkownik:ParmerBrockington53

"What are QROPS? QROPS means Qualifying Recognised Offshore Pension Schemes as identified by the Her Majesty’s Revenue and Customs (HMRC). They came into effect in the pension plan simplification rules of April 6 2006. The reason for this a part of the legal guidelines was to allow a United kingdom pension plan owner to transfer their funds abroad whenever they retire to another QROPS jurisdiction.

So who should consider a transfer to a QROPS?

Anyone with a UK pension plan who is either planning to move another country or is already aiming to move offshore whether your pension is currently in payment or not. In addition those expatriates who have built up UK pension benefits can also consider a QROPS transfer.

Exactly what are the advantages of this kind of transfer? This list is by no means inclusive although the most desired factors are;

1. To get your pension plan paid in the same currency that you just live in so to stay away from the erosion of your profits as currency prices change.

2. Capability to avoid UK income tax on your pension plan income which, dependant upon your country of residence will mean you have to pay a lower rate of tax and therefore get more money.

3. To never need or be forced to buy an annuity, this means you can acquire your pension income as the way you see fit.

4. To be able to pass on your remaining pension fund to your beloved ones on your death. Instead of paying 55% in tax to the UK Government.

5. More significant investment option and adaptability that means you’re able to increase your fund growth.

Who should you entrust your money with?You must think of 3 key points as part of your very own due diligence;

1. Ensure you are using a firm who has experience in this marketplace.

2. Make sure that your advisor does a full transfer evaluation, considering the pros and cons of a transfer including costs, jurisdictions and tax factors.

3. Due to the complex nature be sure the specialists are qualified to the industry standard to QCF Level 4. Anyone without these certification won't be doing you justice. There are plenty of QROPS jurisdictions where you stand able to find a HMRC authorised scheme, including Malta, Jersey and the Isle of Man. Nonetheless there are a variety of regulations which have been brought in during April 2012 by the UK Government that has had a severe result on the amount of schemes which qualify under the new HMRC rules.

HMRC sensed that although numerous schemes were being meeting with the letter of the laws but they also were not in the spirit of the law. Guernsey schemes happen to be significantly horribly hit as schemes registered up until April 2012 allowed non-residents to pay no taxes on their policies whilst residents were required to pay taxes. This is in contravention of the new rules and consequently 310 out of the 313 rules have been taken out of the permitted list.

For more information on QROPS and the continuing adjustments to the schemes please contact us at MyQROPS.net.