QROPS - qualified recognised overseas pension scheme
Record numbers are now leaving the UK to settle abroad. Some are fully retired, some have given up work before the statutory retirement age, while others are choosing to carry on working. The question is, can their pensions sustain the dream of a hassle-free, comfortable lifestyle and do they have true control over their schemes?
Before 2006, the answer was often ‘no’. Historically it’s been difficult to move pension benefits outside the UK. Annuity rates were low and offered poor value for money. Fluctuating currency rates often led to uncertainty over the long term spending power of a pension, therefore making financial decisions more difficult. To make matters worse, the UK had one of the most complicated pension tax rules in Europe.
But now, thanks to the introduction of Qualifying Recognised Overseas Pension Schemes (QROPS), millions of UK expatriates can manage their pension schemes to deliver improved tax efficiency, and ensuring any future income is more suited to your country of residence. As part of the Totus service, we integrate your tax advice with legal, investment advice and wealth management services, giving you a turn key solution.
- how secure is it?
- what are the benefits
- flexibility before retirement
- income in retirement
- ...and the things you don't have to worry about
fully approved by HM Revenue and Customs
continues to be regulated and protected as a pension scheme in the chosen jurisdiction
we will only advise on jurisdictions which offer similar or improved protection schemes to the UK
The security of any scheme recommended is always our primary concern.
Whilst the schemes themselves are approved by HMRC the ‘giving of advice’ is not and it is important that you are confident that advice is given from a reputable source.
At Totus we guarantee you that our advice procedures will follow the same stringent regulatory standards as our UK operations. All our advisers are registered with the Financial Services Authority in the UK and operate to the standards expected of our close relationship with a major law firm.
Compared to UK pensions, QROPS can offer greater opportunity for growth, and more flexibility both before and during retirement, while still being secure.
Totus - with its integrated services spanning everything from pensions to asset management and tax planning - is perfectly placed to build some of the most beneficial pension portfolios.
loan facility available
transfer from any UK-registered pension scheme including SIPPs and ‘protected rights’
transfer before, and sometimes after, pension benefits have commenced
choose tax-friendly jurisdictions, prior to taking retirement income
can be structured to provide a more tax efficient income
no obligation to purchase an annuity
greater flexibility on how and when to draw benefits
the ability to take retirement income in your chosen currency thus removing the problems of exchange rate fluctuations
leave the remainder of your pension to your heirs on your death - currently impossible in the UK if an annuity has been taken
investments before retirement and income in retirement can be linked to a chosen currency
no limit to the size of funds that may be accumulated
no tax charges when benefits transferred into a QROPS - in most cases
no reporting to HMRC after five complete tax years following transfer to QROPS
To download the brochure please click here. The initial meeting is without charge.
To speak with an advisor please click here. Initial discussions are always without obligation or cost, and will answer your general questions, address and discuss likely costs, fees or commissions.
For futher information please contact:
Vince DeStefano, Managing Director, Totus Consulting
t: +350 200 64966
Totus Consulting is authorised and regulated by the Financial Services Commission (Gibraltar) license no. FSC11177.