If you have a UK pension but no longer live in the UK you can now transfer your pension to a QROPS. A QROPS transfer can give you many benefits.
ZURICH, Switzerland (June 1, 2014) — If you have a UK pension but no longer live in the UK you can now transfer your pension to a QROPS. A QROPS transfer can give you many benefits. However if you are in a Final Salary scheme you need to act now! Or you may be sorry, as time is running out!
A QROPS transfer can give you the following benefits:
•This can reduce the tax you pay.
•Allow access to your pension from age 50 rather than 55.
•Allow you to take a larger Cash Lump Sum.
•Allow you to take a larger pension.
•On death no 55% tax. (This is the rate of death tax on a UK pension)
•You can take your income in your local currency rather than in sterling.
•On death all your pension fund can go to your loved ones.
In the UK budget March 2014 the Government’s announcement that it intends to stop transfers from Final Salary pension schemes, also known as Defined Benefit pension schemes. This means the option to transfer to a QROPS is to be removed. This change may be in pace as early as 2015.
If you are in a Final Salary scheme you need to act now! Or you may be sorry, as time is running out!
Moving your UK pension arrangements to a QROPS if suitable given your own particular circumstances, can only improve your position.
Most importantly, once moved to a QROPS you have control over your money. If left in your UK pension arrangement it is highly likely that additional constraints will be put in place which will adversely affect you.
If you have a UK pension and have left the UK, or are considering a QROPS transfer, contact Waterstone Investment Associates.
Waterstone Investment Associates Inc.
Swiss Post Box: 100988
CH – 8010 Zürich