South Africa and the UK have a regular two-way flow of ex pats and international workers who could benefit from a tax-effective QROPS pension scheme.
A QROPS – qualifying recognised overseas pension scheme – are established offshore pensions regulated by the UK taxman.
If you are living in South Africa or thinking about moving there and are unclear of your pension options, contact our specilaist team here at QROPS.net. We have a dedicated team for all South African residents, so you can expect the highest level of knowledge and service.
Here’s how a QROPS can help:
- Ex pats living or working in South Africa
- UK residents planning to move or retire to South Africa within six months
- South Africans with funds in a UK pension scheme
- Anyone with a UK pension
Why do they benefit?
A QROPS pension
- Can consolidate UK pensions under one scheme
- Offers flexible investment options
- Removes unused pension funds from UK inheritance tax when the pension member dies
- Offers gross benefit payments and at least a 30% tax-free lump sum drawdown on retirement
- Can be paid in any major currency
Where is the best QROPS based?
Although South African financial services providers host several QROPS schemes, the pension does not have to ‘live’ in the place as the member. All QROPS schemes are not equal and it is important to match up the individual circumstances, residency and QROPS solution.
Popular QROPS jurisdictions for South African investors include Guernsey and the Isle of Man, with the added advantage of both sitting in the same time zone as South Africa and sharing the same British historical ties.
Other QROPS destinations are available from the thousands of products on offer in almost 50 countries worldwide.
Contact QROPS.net now to find out how we can help you to optimise your UK pension savings.