QROPS & Investments
A transfer of a UK pension fund to a pension scheme provider in an overseas location such as Spain or Portugal is done via a Qualifying Recognized Overseas Pension Scheme or QROPS.
Since the Introduction of QROPS in 2006, the acronym has become ever increasingly prominent. However clients should be extremely cautious when considering whether a QROPS is right for them. Whilst QROPS themselves are regulated the advisers giving advice do not have to be, so BEWARE.
Potential benefits of QROPS:
- Freedom to Control Investments
- Flexibility to access funds
- Potential for an immediate cash lump sum payment
- No requirement to purchase an Annuity
- Access to income and capital without deduction of tax
- Transfer of the fund to future generations upon death
- Free from UK Inheritance Tax
- Tax planning
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