QROPS Press Release
The UK Inland Revenue has given Britons living abroad an unexpected bonus. For those who intend to remain permanently abroad it is now quite simple to transfer their UK pensions to more tax friendly jurisdictions via a Qualifying Recognised Overseas Pension Scheme (QROPS).
After a qualifying period individuals can access their funds in their entirety and use the capital and income in the way that is most tax favourable for them and upon their death, they can leave it to whomever they like.
This compares most favourably with the pension regime in the UK and ex pats around the globe should be making it a priority to remove their funds from the UK as quickly as possible.
A degree of caution should be exercised because some QROPS appear to rely on artificial contracts of employment, which would of course incur huge penalties.
For clear impartial and appropriate advice contact Free My Pension.
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