Qualified Recognized Overseas Pensions Scheme or QROPS for short, is becoming one of the hottest talked about developments for years. The reason is simple; it has massive benefits for non UK residents who have a UK pension.
But beware, there are many over hyped claims made by adviser and QROPS providers. Many are stating claims to benefits without fully understanding the QROPS system. Although local rules that apply to a particular QROPS may allow for certain benefits, for example, drawing the entire pension fund as a lump sum, these benefits may not be recognised by HMRC and with the QROPS rules being clearly laid out, such claims can cause major problems.
Her Majesty’s Revenue and Customs (HMRC) have legislation in the UK that has to be followed, by both the QROPS scheme and the member. If the HMRC rules are not followed, not only can sanctions be imposed on the QROPS scheme, but the member could find themselves subject to heavy UK tax charges. HMRC have already started to clamp down on schemes AND members.
There is hundreds of QROPS available ranging from one man trustee offices to expert pension trustee divisions of merchant banks. It’s extremely important that advice is taken from companies that understand all QROPS providers and jurisdictions as in depth as we do.
Your security is our main concern; we take great care advising hundreds of individuals on the safest, most secure and sound QROPS available. QROPS.net is the leader in QROPS advice. To find out more about how we can help you contact a Qrops adviser by simply completeing the contact form or request a call back.