Benefits of Transferring a UK Pension Offshore
Transferring a UK occupational or personal pension into an overseas QROP scheme can bring about a number of distinct benefits that could be very attractive. Potential benefits include:
- Less tax to pay when accessing the pension
- The possibility of moving all the pensions that you have built up in the UK into one QROPS
- The ability to pass the QROPS on to loved ones tax free
Expats can take any required income to fund their retirement and then, unlike with a UK pension scheme, transfer the pension beneficiary to their heirs upon death. The flexibility and tax efficiency that can be a feature of transferring a UK pension into a QROPS can mean that many expats are keen to take advantage. However, it’s important the jurisdiction, trustees and all other parties have been chosen correctly to create an offshore pension that’s right for you. If you feel you would benefit from expert help in moving your pension to a QROPS then QROPSreview.com can recommend an expat specialist Independant Financial Advisor.