Demand For QROPS Surges After Brexit

Demand For QROPS Surges After Brexit

The number of QROPS applications has increased by 30% since the Brexit referendum. This surge shall come as no surprise as QROPS was incepted as a result of an EU directive. The UK Government has never been a fan of QROPS as it meant flight of capital and with it tax revenue. The consensus is that QROPS will be abolished as soon as the UK leaves the European Union. In April 2015 the UK Government already abolished the transfer of public sector pension such as the NHS, the police, etc.

Should you have a UK pension it is advisable to seek professional advice from a qualified and regulated pension specialist.

www.qropspensionservice.com

QROPS Pension Transfer

QROPS Pension Transfer

What is a QROPS pension transfer?

QROPS stands for Qualifying Recognised Overseas Pension Scheme. Anyone who has a UK private or occupational pension scheme and who no longer lives in the UK or intends to leave the UK can transfer their UK pension to QROPS.

QROPS can offer many benefits compared to UK pensions, not least in terms of tax. UK pensions are taxed at source, QROPS are not. Therefore, if you currently live in a country where the tax rate is lower than the UK, you save tax on your pension.

Another benefit of QROPS is that it can be structured in any currency of your choice, with pension income paid in that currency, therefore eliminating currency exchange cost and risk

The choice of underlying investments in the UK pension are limited, a QROPS is not, therefore more potential growth on your pension.

Upon death, QROPS can be passed on in full, free from UK inheritance tax

Out of scope of future changes in UK tax and pension legislation, this especially with Brexit in mind.

It is very important to seek professional advice of a qualified and regulated pension specialist

www.qropspensionservice.com