QROPS choices

If you are planning to live abroad and do not want to leave your pension behind, you have a number of options open to you.

A Qualifying Recognised Overseas Pension Scheme may be the answer to your problems, as transferring your UK pension to one means that you can enjoy your pension free from UK income tax.

Along the way to getting a QROPS, there are a number of choices that you will need to make as part of your retirement planning.

Choosing your QROPS adviser

If you choose an independent QROPS adviser, you have access to over one thousand different overseas pension schemes. Choose an adviser with years of experience in offshore investments, and you have someone who is well placed to pick the best one at your disposal.

Choosing your QROPS country

Choosing your QROPS country has a lot more to do with choosing what kind of a tax regime you want to be part of – although of course that will have a lot to do with your decision.

The final choice may come down to thinking about how politically stable an overseas destination is, and also the quality of financial institutions that operate from there. It may also be important to you that there are plenty of English speakers to help you with any enquiries you may have about your QROPS.

Choosing your QROPS

Choosing the scheme itself will involve considering how much the various scheme administrators wish to charge in fees. Your adviser can tell you which schemes offer value for money.

However, another issue to bear in mind is how user friendly the schemes are. Does the scheme let you take sizeable lump sums as early as you want to? Are there any particular asset classes that you want your pension scheme to hold?

You may also want to make the decision on the basis of how easy it is to transfer assets in and out of the scheme.