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What are qrops qualified recognised overseas pension schemes rules
What are qrops qualified recognised overseas pension schemes rules
What are qrops qualified recognised overseas pension schemes rules
What is the minimum value I can transfer to a
                  QROPS?
• In our experience the better schemes require
  funding of around 50,000 GBP. However, there
  are similar schemes available from 25,000
  GBP. Whatever your situation, and UK pension
  transfer value, contact us anyway as there is
  usually a solution to be found.
Will payments from my QROPS pension fund be
         reported to HMRC in the UK?

• QROPS providers are required to notify HMRC of
  any payments from transferred pensions in
  respect of a relevant member during the initial 5
  years from the time the member ceased to be an
  ordinary resident of the UK for tax purposes.

• And in the event that the member becomes an
  ordinary resident for tax purposes in the UK;
  when the payment is made.
If I transfer my UK pension into a QROPS will I
              have to buy an annuity?

• No, although you may if you wish. Without
  the need to purchase an annuity it means you
  can invest into wide ranging assets, and gain
  the advantage of passing any remaining funds
  upon your premature death to your loved
  ones. Without any liability to the UK Pension
  Tax at 55% or UK IHT at 40%.
Who may apply to transfer their pension into a
                  QROPS?

• Most of the schemes are not available to US
  citizens and there can be problems with US
  residents; however any other nationality may
  apply.
What investment choice and freedom will I have
              with a QROPS?
• The investment choice will normally be very wide
  indeed. Under certain circumstances you can
  manage the assets yourself with total freedom, or
  work with an investment manager / financial
  adviser.

• You may also appoint an investment manager to
  make the decisions for you or with you. It really
  depends what you are looking to achieve and
  how involved you would like to be with the
  investment decisions.
• We can arrange for an investment adviser to
  work with you by reviewing your QROPS fund
  assets and make recommendations to you on
  a quarterly basis.

• There is no limit to the size of funds that may
  be accumulated within a QROPS; and a QROPS
  is exempt from the UK Lifetime Allowance (the
  maximum value of the underlying fund; before
  tax on any excess becomes liable; currently at
  a tax rate of 55%).
How & when can I take benefits from my
                 QROPS?

• Typically there is considerable flexibility in the
  timing of taking any benefits from a QROPS.
  Usually benefits will be taken from the age of
  55, but it can be possible to access funds
  before or after these ages. Please contact us
  for further information dependent on your
  circumstances.
Once I’ve transferred my UK pension to a QROPS
  can I access my fund as a 100% lump sum?

• Unfortunately the answer here is 'no'. This is
  because the funds that you have built up
  (after taking your TAX FREE lump sum) are
  required under the current QROPS / HMRC
  rules to provide an income for you and your
  dependents for the rest of your life, and
  perhaps beyond.
How will any benefits or withdrawals be taxed?

• Most of the schemes we recommend the
  pension income is paid GROSS (TAX FREE).
  The tax treatment of any income you receive
  will depend upon where you are tax resident
  at the time. (Note: we recommend you seek
  individual tax advice regarding your particular
  circumstances).
What will happen to my QROPS pension fund
              upon my death?

• Typically – and a major benefit of a QROPS – is
  that the remaining value of the fund is paid
  directly to your beneficiaries. Without any
  liability to the UK Pension Tax at 55% or UK
  IHT at 40%.
I may go back to the UK in the future, can I still
                    benefit?

• QROPS are for people whose intent is not to
  return to the UK in the future. However if this
  is some time away – say 10 years plus - then
  you may still want to consider a QROPS as the
  benefits of ownership are substantial. Please
  contact us to discuss your particular
  circumstances.
I have a UK SIPP and I have drawn an income,
                 can I benefit?
• A QROPS can be used to receive transfer values from
  any UK registered pension scheme whether this is for
  example a Personal Pension Plan (PPP), a Self
  Invested Personal Pension Plan (SIPP), a Small Self
  Administered Pension Scheme (SASS), or an
  Occupational Scheme whether it's a Money Purchase
  Scheme or a Final Salary Scheme – all can be
  transferred to a QROPS.

• However if the pension scheme benefits have or are
  already being taken, then it is not possible to
  undertake the transfer.
How long will a transfer to a QROPS take?

• Most transfers can take 2-3 months. The process
  is initiated by you completing a letter of authority
  enabling us to get the relevant information from
  your existing pension provider; for example the
  current benefits and a transfer value. This is not
  binding in any way, and will only allow us to
  receive the details regarding the pension scheme
  that you have. However it will allow us to provide
  you with individual expert independent advice
  reflecting your personal individual circumstances
  and future plans.
Can I transfer funds and assets in my UK scheme
   or do I have to liquidate them into cash?

• This will depend on the pension provider you
  have, and the assets that you hold. Generally
  a transfer will be quicker if converted into
  cash. Please contact us to discuss your
  particular circumstances.
What are the key facts to look for in a good
                    QROPS?

• Strong investor protection from a well
  established jurisdiction similar to the UK,
  investment protection, transparency of
  charges and tax efficiency.
My pension fund is substantial, what tax
         implications may there be?

• A transfer to a QROPS will be a benefit
  crystallization and therefore will give rise to a
  tax charge if the amount exceeds the lifetime
  allowance (currently £1.8 million in the 2011
  tax year). If your fund is in excess of this
  amount then please contact us for specialist
  advice.
Are there any circumstances in which I shouldn't
             transfer to a QROPS?
• Yes there are, although in most situations we
  have come across so far, as long as you are a
  non UK resident and intend to remain so the
  benefits to you can be immense.

• If you have guaranteed annuity rates set many
  years ago when interest rates were much
  higher, this would be one such situation that
  would need careful consideration and advice.
Can I organize a QROPS myself?

• No. QROPS providers will only take pension
  transfers through their appointed intermediaries.

• We are appointed intermediaries; and as such we
  can provide you with all of the information, and
  the independent financial advice that is necessary
  for you to make an informed choice as to
  whether a QROPS is right for you.
• We can also take care of all of the paperwork;
  making the transfer as easy as possible for
  you.

• If you feel that you would like to find out more
  about QROPS and whether they are right for
  you. Then why not take the opportunity to
  talk to the market leader in QROPS advice.
  Simply call us on +852 5308 3732 - we look
  forward to talking with you soon.
What are qrops qualified recognised overseas pension schemes rules

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What are qrops qualified recognised overseas pension schemes rules

  • 4. What is the minimum value I can transfer to a QROPS? • In our experience the better schemes require funding of around 50,000 GBP. However, there are similar schemes available from 25,000 GBP. Whatever your situation, and UK pension transfer value, contact us anyway as there is usually a solution to be found.
  • 5. Will payments from my QROPS pension fund be reported to HMRC in the UK? • QROPS providers are required to notify HMRC of any payments from transferred pensions in respect of a relevant member during the initial 5 years from the time the member ceased to be an ordinary resident of the UK for tax purposes. • And in the event that the member becomes an ordinary resident for tax purposes in the UK; when the payment is made.
  • 6. If I transfer my UK pension into a QROPS will I have to buy an annuity? • No, although you may if you wish. Without the need to purchase an annuity it means you can invest into wide ranging assets, and gain the advantage of passing any remaining funds upon your premature death to your loved ones. Without any liability to the UK Pension Tax at 55% or UK IHT at 40%.
  • 7. Who may apply to transfer their pension into a QROPS? • Most of the schemes are not available to US citizens and there can be problems with US residents; however any other nationality may apply.
  • 8. What investment choice and freedom will I have with a QROPS? • The investment choice will normally be very wide indeed. Under certain circumstances you can manage the assets yourself with total freedom, or work with an investment manager / financial adviser. • You may also appoint an investment manager to make the decisions for you or with you. It really depends what you are looking to achieve and how involved you would like to be with the investment decisions.
  • 9. • We can arrange for an investment adviser to work with you by reviewing your QROPS fund assets and make recommendations to you on a quarterly basis. • There is no limit to the size of funds that may be accumulated within a QROPS; and a QROPS is exempt from the UK Lifetime Allowance (the maximum value of the underlying fund; before tax on any excess becomes liable; currently at a tax rate of 55%).
  • 10. How & when can I take benefits from my QROPS? • Typically there is considerable flexibility in the timing of taking any benefits from a QROPS. Usually benefits will be taken from the age of 55, but it can be possible to access funds before or after these ages. Please contact us for further information dependent on your circumstances.
  • 11. Once I’ve transferred my UK pension to a QROPS can I access my fund as a 100% lump sum? • Unfortunately the answer here is 'no'. This is because the funds that you have built up (after taking your TAX FREE lump sum) are required under the current QROPS / HMRC rules to provide an income for you and your dependents for the rest of your life, and perhaps beyond.
  • 12. How will any benefits or withdrawals be taxed? • Most of the schemes we recommend the pension income is paid GROSS (TAX FREE). The tax treatment of any income you receive will depend upon where you are tax resident at the time. (Note: we recommend you seek individual tax advice regarding your particular circumstances).
  • 13. What will happen to my QROPS pension fund upon my death? • Typically – and a major benefit of a QROPS – is that the remaining value of the fund is paid directly to your beneficiaries. Without any liability to the UK Pension Tax at 55% or UK IHT at 40%.
  • 14. I may go back to the UK in the future, can I still benefit? • QROPS are for people whose intent is not to return to the UK in the future. However if this is some time away – say 10 years plus - then you may still want to consider a QROPS as the benefits of ownership are substantial. Please contact us to discuss your particular circumstances.
  • 15. I have a UK SIPP and I have drawn an income, can I benefit? • A QROPS can be used to receive transfer values from any UK registered pension scheme whether this is for example a Personal Pension Plan (PPP), a Self Invested Personal Pension Plan (SIPP), a Small Self Administered Pension Scheme (SASS), or an Occupational Scheme whether it's a Money Purchase Scheme or a Final Salary Scheme – all can be transferred to a QROPS. • However if the pension scheme benefits have or are already being taken, then it is not possible to undertake the transfer.
  • 16. How long will a transfer to a QROPS take? • Most transfers can take 2-3 months. The process is initiated by you completing a letter of authority enabling us to get the relevant information from your existing pension provider; for example the current benefits and a transfer value. This is not binding in any way, and will only allow us to receive the details regarding the pension scheme that you have. However it will allow us to provide you with individual expert independent advice reflecting your personal individual circumstances and future plans.
  • 17. Can I transfer funds and assets in my UK scheme or do I have to liquidate them into cash? • This will depend on the pension provider you have, and the assets that you hold. Generally a transfer will be quicker if converted into cash. Please contact us to discuss your particular circumstances.
  • 18. What are the key facts to look for in a good QROPS? • Strong investor protection from a well established jurisdiction similar to the UK, investment protection, transparency of charges and tax efficiency.
  • 19. My pension fund is substantial, what tax implications may there be? • A transfer to a QROPS will be a benefit crystallization and therefore will give rise to a tax charge if the amount exceeds the lifetime allowance (currently £1.8 million in the 2011 tax year). If your fund is in excess of this amount then please contact us for specialist advice.
  • 20. Are there any circumstances in which I shouldn't transfer to a QROPS? • Yes there are, although in most situations we have come across so far, as long as you are a non UK resident and intend to remain so the benefits to you can be immense. • If you have guaranteed annuity rates set many years ago when interest rates were much higher, this would be one such situation that would need careful consideration and advice.
  • 21. Can I organize a QROPS myself? • No. QROPS providers will only take pension transfers through their appointed intermediaries. • We are appointed intermediaries; and as such we can provide you with all of the information, and the independent financial advice that is necessary for you to make an informed choice as to whether a QROPS is right for you.
  • 22. • We can also take care of all of the paperwork; making the transfer as easy as possible for you. • If you feel that you would like to find out more about QROPS and whether they are right for you. Then why not take the opportunity to talk to the market leader in QROPS advice. Simply call us on +852 5308 3732 - we look forward to talking with you soon.