Who can help you get a QROPS? The issues are so complex that not every financial adviser is best placed to offer comprehensive advice.
An overseas pension specialist
The key here is to find not just a pension specialist, and not just an overseas investment specialist, but someone who has expertise in both aspects of offshore retirement planning. QROPS have been around since 2006, but retirement planning has been around for much longer.
If you were looking to buy a new house, would you limit yourself to just peering through the window of one estate agent? Of course not. But if you only consider getting a QROPS from just one provider, that is effectively what you are doing. Tied agents may provide good advice, but how can you be sure that their product is the most competitive out there for you if they do not have the freedom to shop around the whole world’s marketplace?
Someone who speaks plain English
Or, to be fair, someone who speaks in plain, straightforward terms, whichever language you happen to need advice in. Your pension should be something that you are not afraid to ask questions about. Accordingly, you must have an adviser who set out the basics for you, and can answer your questions without using technical jargon.
Someone with links to the United Kingdom
Whilst you may wish to leave the UK behind and forget all about the place, the tax benefits and exemptions that you enjoy from a QROPS are still dependent on UK legislation. Not only may there be changes to your own pension scheme that affect how HMRC views it, but there may also be change to HMRC attitudes and rules in general. Accordingly, it is helpful to have an adviser who maintains links with the UK and has a handle on HMRC’s views and plans.