Expats, now is the time to take control of your frozen pensions
Expat UK landlords are being advised on how to gain access to their UK pensions
Attention is being brought to expat landlords of UK property. They are being urged to take control of their frozen UK pensions and release the significant funds held within them. Many previously unknown, rewarding opportunities await non resident UK landlords....
In April 2007 the rules and regulations with regard to transferring UK pensions abroad changed. This is a highly complex issue which needs expert advice to make sure you get all the options for your pension. SCF Wealth Management have specialised in this field since 2007, advising clients worldwide and working with some of the leading consultants in this field.
Many expats with UK pensions have been very pleasantly surprised by the options available since the legislation 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 types of QROPS which have been designed in various jurisdictions with the key providers being; Guernsey, Isle of Man, New Zealand, Gibraltar & Malta.
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.
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 immediately on the email address expatpensions@scfinance.cz
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