The opportunity to transfer UK pension rights to a QROPS is available only to expats or those in the process of leaving the UK to settle overseas.
The last few years have seen significant growth in the number of British people choosing to settle permanently outside of the UK.
But QROPS transfers are available to anyone with UK pension rights, regardless of nationality.
Singapore, Thailand and Malaysia are some of the top Far East emigration destinations for expats.
- Vietnam is becoming home to more and more working expats and foreign entrepreneurs
- Supranational bodies in Laos are expanding their professional expatriate personnel
- Cambodia, with its relatively inexpensive and straightforward immigration policies and foreigner business regulations is attracting expat residents
- Closer to Europe the United Arab Emirates, particularly Dubai, is also becoming a magnet for expats
QROPS for everyone
Strict UK immigration law means that many with ‘frozen’ UK pensions who are not British, will be living outside the UK and therefore be eligible to take advantage of QROPS provisions.
As an expat, the benefits that can be enjoyed by transferring your UK pension right to a QROPS are both simple and considerable.
- It is possible to draw income from an overseas QROPS pension free of income tax
- You will be able to diversify your pension arrangements away from British pounds
- You can transfer your UK pension rights to a QROPS based in a jurisdiction that is not subject to the EU Savings Tax Directive
- You will be able to freely nominate beneficiaries to your residual QROPS fund
- Once your UK pension rights have been transferred to a QROPS it is possible to legitimately avoid all of the charges and taxes that apply to UK based pensions