Qualifying Recognised Overseas Pension Schemes - QROPS
March 26, 2008 by admin
What is Free My Pension? and how can I transfer my pension overseas?
If you live overseas you are entitled to move your pension with you and whilst it has always been possible to transfer and or take pension benefits abroad, under pension simplification in April 2006 this became very much easier.
Why leave your funds in the UK?
In the UK the earliest that you can draw on your pension benefits is age 50 (unless you are in a special occupation or are able to claim early retirement through ill health) and this is soon to increase to age 55.
See below for further information on how we can free your pension…
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Funds left in UK
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Living Overseas
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Why transfer your pension
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Direct Benefit Comparison
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FREE - No obligation report!
QROPS: Frequently Asked Questions
January 30, 2008 by admin
Q. Am I able to transfer protected rights into a QROPS?
A. Yes, as long as the receiving Qualifying Recognised Overseas Pension Schemes (QROPS) is willing to accept it. When the transfer takes place form CA1881 should be completed, which enables HMRC to keep track of where the protected rights are. In transferring protected rights it is necessary to state that you understand that all protection associated with UK pensions legislation is being given up.
Q. Can I transfer benefits that are already in payment to a QROPS?
A. Yes, so long as the receiving QROPS is willing to accept transfers of funds where the member is receipt of an unsecured or alternatively secured income. Unless the member has not been UK resident during the last five complete tax years then UK rules associated with these benefits are lost. If the member does not satisfy this condition however UK provisions associated with these types of benefits continue to operate until the five-year rule has been satisfied.
Annuities in payment and pensions in payment from occupational final salary schemes may not be transferred.
Please download the Full FAQ’S to QROPS (PDF)
Overseas Pension Transfers
January 14, 2008 by admin
Free My Pension is a web site that is dedicated to those of you who have left the UK permanently and are wondering what to do with any pension benefits you have left behind.
The site is sponsored by TAG Wealth Management a firm of Independent Financial Advisers who are authorised and regulated by the UK Financial Services Authority.
