Qualifying recognized overseas pension schemes, abbreviated as QROPS, are pension based in offshore financial locations that offer tax breaks and investment opportunities which are sometimes not available to UK-based retirement savers. Any individual with a UK pension scheme can transfer their funds into a QROPS, provided they have not bought an annuity.
Shopping for UK Pension Transfer QROPS is not that easy. It is not a matter of filling in just a couple of forms with a chosen provider. It is a complicated investment that needs careful consideration. In order to find the right option, a retirement saver should work with a professional advisor that has sound knowledge and experience of offshore investments and opening accounts in the offshore jurisdiction.
Before settling down with any offshore financial jurisdiction and a service provider, it is important to carry out a thorough pension transfer values analysis. The analysis looks at the existing value of any fund in a UK registered pension scheme. It is sensible to consolidate scattered savings to cut down cost and maximize fund growth. The analysis will cover tax issues between the UK, the offshore center where the UK Pension Transfer QROPS is based and the location where the retirement saver will live. It also highlights investment options like the risks associated and the expected returns.