There are many benefits for British expatriates to transfer their existing UK pension abroad using QROPS. These pensions are more flexible, often less tax is applied and the currency exchange often makes them ‘worth’ more. Even so, with regards to saving for the future and effectively putting your future into a ‘foreign pot’, are QROPS the best choice for everyone?
Initially introduced in 2006, QROPS are Qualifying Recognised Overseas Pension Schemes. These pensions are approved by HMRC and allow expatriates to transfer their pension funds abroad, usually tax-free – In effect; they allow former British citizens to take their pensions with them. This all seems like a very logical and profitable option. However, QROPS are not a ‘one size fits all’ resolution. There are advantages as well as disadvantages and that means they are not always the right solution for everyone.
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