Yes, you can although whether that will be the best advice for you will depend on many factors. Of course, pensions freedom, mentioned earlier, will provide a lot more flexibility than a final salary pension scheme ever can but whereas a final salary scheme will provide guaranteed benefits the return from all other pensions depend on the performance of the underlying investments. In many cases, but not all, the guarantees offered may well outweigh flexibility. As part of the expert pension review process we offer, one of our expat pensions specialists will thoroughly investigate the benefits offered by your final salary arrangement and compare these with an appropriate QROPS option to make sure that the right decision is made for you.
Yes, it is possible to bring together all of your existing pension arrangements (except for state benefits) and hold them together in one QROPS. This will simplify your pension arrangements and allow you to draw retirement income from just one source.
Yes, if we agree that QROPS is not the most suitable vehicle for your pension funds then we can put all of your existing UK pension funds into one scheme within the UK.
New rules mean that if you die after the age of 75 your beneficiaries could pay tax of up to 45% before receiving the remainder of your fund. If you move your pension fund to a QROPS then after ten complete tax years outside of the UK this rule will no longer apply and your chosen beneficiaries can receive all of your remaining fund without suffering this UK tax liability.
Successive UK governments have reduced the lifetime allowance which now stands at £1.03M (any fund amount over this figure is subject to a penalty tax). If you move your fund to a QROPS this penalty charge will no longer apply. This could be of major benefit to anyone whose fund is close to the £1.03M threshold.