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"What are QROPS? QROPS represents Qualifying Recognised Offshore Pension Schemes as recognised by the Her Majesty�s Revenue and Customs (HMRC). They came into effect in the pension simplification guidelines of April 6 2006. The reason for this a part of the regulation was to enable a Britain pension plan holder to move their funds overseas after they retire to a different one jurisdiction.

So who should consider a transfer to a [http:/myqrops.net/qrops-providers QROPS]?

Anyone with a UK pension who might be either going to move in foreign countries or is already going to move abroad whether or not your pension is presently in payment or not. Furthermore those expatriates who have accumulated UK pension plan benefits may also think about a [http:/myqrops.net/qrops-transfer QROPS tranfer].

What are the benefits associated with this type of transfer? This list is by no means exhaustive although the most popular reasons are;

1.To have your pension paid in the same currency that you just live in so to avoid the erosion of your income as currency prices change.

2.Capability to avoid UK income tax on your pension income that, dependant upon your country of residence would mean you pay a lower rate of tax and consequently have more money.

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

4.To be able to pass on your remaining pension fund to your loved ones on your death. Rather than pay 55% in tax to the Great britain Government.

5.More significant investment choice and adaptability which suggests you�re able to maximise your fund growth.

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

1.Make sure you are using a firm who has experience in industry.

2.Ensure your consultant does a full transfer examination, taking into consideration the positives and negatives of a transfer which includes fees, jurisdictions and tax concerns.

3.Due to the complicated nature ensure the specialists are qualified to the industry standard to QCF Level 4. Anyone without these qualifications won't be doing you justice.

There are many QROPS jurisdictions where you stand able to find a HMRC approved plan, including Malta, Jersey and the Isle of Man. Even so there are a variety of regulations that have been brought in during April 2012 by the UK Government which has had a severe impact on the amount of schemes which qualify under the new HMRC rules.

HMRC felt that although a number of the schemes were being meeting with the letter of the regulation however they were not in the spirit of the law. Guernsey schemes have been specifically terribly hit as schemes registered up until April 2012 allowed non-residents to pay no taxes on their policies while residents were forced to pay tax. This is in contravention of the new rules and thus 310 out of the 313 rules have been taken from the recognized list.For more resources on [http:/myqrops.net/qrops-advice QROPS] as well as the continuing alterations to the schemes please contact us at [http:/myqrops.net/qrops-guide MyQROPS.net].


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