|How Can QROPS Benefit Me?|
|News - Latest|
|Friday, 17 August 2012 10:12|
Since 2006, the Qualifying Recognised Overseas Pension Scheme (QROPS) has been available as a UK pension rights program for expats who want to retire overseas. With this plan, you have more flexibility in how and where you receive your UK pension. More schemes and countries are being added all the time.HMRC-Recognised Pension
Her Majesty's Revenue and Customs has recognised, approved and accepted these pension plans for incapacity, age, retirement or death. This means that you will have no problem transferring your financial assets to a foreign country running these schemes. Many expats want to make their fortunes serving in the United Kingdom, but want to return to their own countries to live out their final years.
There are many workers who have qualified for UK pensions, but prefer to retire overseas. The cost of living may be cheaper in another country. This scheme has the following advantages:
Fewer restrictions than UK pensions
Greater growth potential
Freedom to live where you want
Flexible investment options
Higher Growth Potential
The goal of retirement planning is to maximize growth until you get a good lump sum. When you stop working, you can live off the interest generated from this money. Compound interest and reinvesting your profits helps increase this amount.
You will still need to pay relevant UK taxes. This QROPS UK scheme has significant tax benefits over traditional UK pensions. Expats will qualify for other financial investments with higher monetary amounts.
Increased Financial Freedom
Nowadays, global financial markets permit a wider variety of investment options. You can purchase a variety of currencies, commodities and financial products. A traditional UK pension is not flexible. Circumstances change and an investor should not be locked into a rigged investment portfolio.
An offshore retirement plan gives you more control over your portfolio. While a UK pension cannot be added to your estate, you may find a plan that would give you this option. QROPS advice identifies this scheme as a more hands-on approach to portfolio management.
Live Where You Want
People can work from home or talk to someone on the other side of the world. The World Wide Web has permitted people to track financial assets remotely from anywhere. The QROPS UK allows you to collect your pension benefits in the country of your choice.
How Do I Qualify?
Scheme applicants must pass the pension rights and residency test. Your pension should have a value of at least £25,000. Check to see if your country has qualifying pension schemes; most former British colonies or European countries have a number of options.
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