However, drawing a UK-based pension upon retirement in Thailand is far from straightforward, and depending on the size of the funds, will be taxed at source by up to 40%.
Thailand is a huge place, and often simply having to travel to the correct financial institution to be able to draw your UK pension each month can involve a long round-trip. One of the benefits QROPS offer to those in Thailand is that funds are accessible using Internet Banking or an ATM card.
Through careful selection, a jurisdiction can be selected, and a UK pension transferred, that could end up saving the pension holder thousands of pounds in tax charges – depending on the size of the pension.
QROPS Benefits for Expats in Thailand
- Avoid currency fluctuations
- Easily accessible funds
- Flexible withdrawal options
- Control over investment choices
- Estate & succession planning
The British government recently introduced the option for UK savers to access 100% of their pension upon retirement, 25% of which is free of tax. This option is also available with a QROPS, depending on jurisdiction, however advice must be sought before any decision on 100% withdrawal is taken.