Expats take control of their frozen UK pensions to release cash
Many expats with frozen UK pensions have been very pleasantly surprised by the options available since the legislation regarding pensions recently changed. Qualifying Recognised Overseas Pensions [QROPS] are the schemes that have been approved by HMRC to allow the transfer of an expat’s UK pension out of the UK.
There are many positive reasons why QROPS have attracted a lot of press and why so many expats who have effectively frozen UK pensions have opted to take control of their pension arrangements:
ü The possibility to free up substantial portions of the pension as cash – (depending on an individuals’ situation).
ü Use the cash to clear any debts, mortgages, other needs.
ü Greater investment choices including the option to use pension funds to buy property.
ü Take control of your pension and the tax planning opportunities.
ü No need to purchase an annuity and more flexible income choices for retirement.
ü Ability to transfer your pension benefits after death to your beneficiaries free of UK Inheritance Tax.
For expats with UK pensions who have been non-resident in the UK for over 5 full tax years, all the above options are available. Even those who have recently moved from the UK, who have UK pensions and plan to remain outside the UK for five complete tax years, can benefit from these changes and should consider their QROP options.
Star Capital Finance Wealth Management have specialised in this field since 2007, advising clients around the world and working with some of the leading consultants in this field.
If you have a UK pension and would like to find out what options are available to you and how you could benefit please contact us on the email address firstname.lastname@example.org