Pensions transfers for people who are thinking about leaving or have already left the UK are often advised – they can carry huge benefits in terms of tax advantages, relaxed rules, leaving your pension to your heirs and more. However, because the QROPS are all outside of the UK, it can be a murky and confusing world.
One of the first steps that most people take is to go online and do some preliminary research on the internet. This can be a mistake. Much of the information found online was once correct, but has been superseded by more recent legislation, but has been left online. This, combined with more recent articles can only serve to confuse.
One prominent IFA company we spoke to says that a lot of his clients approach the QROPS list on the HMRC website and attempt to contact random QROPS on the list. This can have some amusing consequences. Read More