QROPS & Retirement Planning

QROPS

Qualifying Recognised Overseas Pension Schemes were introduced in the UK Finance Act of April 2006 also known as “A” day. As a result of which you are now able to transfer your UK Pension benefits into a HMRC approved overseas pension arrangement irrespective of whether benefits have been deferred or you are already in drawdown. A transfer to a QROPS pension offers you the opportunity to enjoy a pension fund which can then be passed on to your beneficiaries as a lump sum without the punitive tax charge of 55% that applies to pension drawdown benefits in the UK. In addition, dependent on your country of residence, the tax applied to any income that you draw can be significantly lower than in the UK where income is taxed at your highest marginal rate. In Spain, for example, after the deduction of personal allowances the rate of tax on pension income can be in single figures.

It is possible to run your QNUPS alongside your QROPS for maximum tax efficiency. This combination provides a very powerful tool for tax and estate planning purposes. Our fully approved Guernsey based pension schemes for QROPS and QNUPS offer the complete retirement and estate planning solution for expatriates or those planning to exit the UK within a twelve month timeframe.

For those remaining within the UK tax regime we offer practical pension advice on all types of domestic pension plans such as SIPPS, SSAS and Personal Pensions including the choice of supplier, contribution levels and of course a strategy for managing the underlying assets within the fund.

Our cross border expertise means that when it comes to retirement planning we provide a truly seamless approach no matter what type of pension vehicle you currently have or which tax regime you fall under.

Key Benefits

• • Your pension assets can grow within a “tax free” environment.
• • Your assets can be passed on to your heirs without the need for probate.
• • Your heirs would avoid UK Inheritance tax after 5 complete and consecutive tax years of non-UK residency.
• • Your beneficiaries would avoid a death tax charge of 55% on lump sums.
• • Depending on your country of residence opportunity to pay considerably less tax on your pension income.
• • You can avoid adverse exchange rate movements from reducing the value of your pension.
• • You can drawdown your pension in the same currency as your country of residence.

Pensions

• • QROPS
• • QNUPS
• • International Pension Plans
• • SIPPS
• • SSAS
• • Gibraltar Personal Pension Plans
• • Gibraltar Approved Group Pension Scheme

To speak directly to a pension adviser or for further information Tel: +350 200 50982 or email wealth@fiduciarywealth.eu