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"What are QROPS? QROPS is known as Qualifying Recognised Offshore Pension Schemes as acknowledged by the Her Majesty�s Revenue and Customs (HMRC). They came into effect within the pension simplification regulations of April 6 2006. The purpose of this section of the guidelines was to allow a English pension plan holder to move their funds overseas after they retire to another one jurisdiction.

So who should consider a transfer to a [http:/myqrops.net/qrops-providers QROPS]?

Anyone with a UK pension who seems to be either wanting to move abroad or possibly is already planning to move abroad whether or not your pension is presently in payment or not. Additionally those expatriates who have accumulated UK pension benefits could also think about a [http:/myqrops.net/qrops-transfer QROPS tranfer].

Exactly what are the benefits associated with this sort of transfer? This list is by no means exhaustive nonetheless the most popular factors are;

1.To get your pension paid in the same currency that you simply live in so to prevent the erosion of your profits as currency prices change.

2.Ability to avoid UK income tax on your pension plan income that, dependant upon your country of residence would mean you have to pay a lower rate of tax and therefore get more money.

3.To never need or be forced to obtain an annuity, which means you can have your pension income as the way you see fit.

4.To be able to pass on your remaining pension plan fund to your beloved ones on your death. Rather than pay 55% in tax to the British Government.

5.More significant investment choice and flexibility which suggests you�re able to maximise your fund growth.

Who should you entrust your money with? You should look at 3 key points as part of your very own due diligence;

1.Make certain you are using an agency who has experience in industry.

2.Ensure your consultant does a 100 % transfer assessment, along with the pros and cons of a transfer including costs, jurisdictions and tax concerns.

3.Due to the sophisticated nature be sure the advisors are qualified to the industry standard to QCF Level 4. Anyone without these accreditation will never be doing you justice.

You'll find so many QROPS jurisdictions where you're able to find a HMRC approved plan, including Malta, Jersey and the Isle of Man. Having said that there are numerous of rules which have been brought in during April 2012 by the UK Government who has had a severe impact on the number of schemes which qualify under the new HMRC rules.

HMRC were feeling that although lots of the schemes were definitely meeting with the letter of the law nevertheless they just weren't in the spirit of the law. Guernsey schemes have been particularly badly hit as schemes registered up until April 2012 allowed non-residents to pay no taxes for their policies whilst residents were forced to pay tax. This is certainly in contravention of the new rules and thus 310 out of the 313 rules have been taken off the approved list.

For more information on [http:/myqrops.net/qrops-advice QROPS] as well as the continuous alterations to the schemes please contact us at [http:/myqrops.net/qrops-guide MyQROPS.net].

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