Get Free QROPS Guide

1. FREE QROPS Guide Get details of Qualifying Recognised Overseas Pension Schemes 

2. What is QROPS ? • QROPS / Qualifying Recognised Overseas Pension Schemes is an overseas pension scheme that meets certain requirements set by Her Majesty's Revenue and Customs (HMRC). A QROPS can receive transfers of UK Pension Benefits without incurring an unauthorised payment and scheme sanction charge. The QROPS program was launched on 6 April 2006 as a direct result of EU human rights legislation with regards to freedom of capital movement. • QROPS are increasingly popular with British Expats due to currency and investment flexibility, the tax advantages they offer when drawing pension benefits and their ability to be transferred to beneficiaries of choice in the event of death. Pension funds left in the UK are taxed on income at up to 45% and taxed on death after 75 years old at up to 45%. Transferring a UK pension fund into a QROPS can reduce taxation and avoid UK taxation as long as the pensioner remains tax resident outside the UK.

3. Some QROPSRules you need to know • A number of rules act as a guideline for those eligible for a UK pension transfer overseas. As in every process, it is important that there are rules and regulations to make sure that a transfer to a Qualifying Recognised Overseas Pension Scheme (QROPS) functions correctly. It is thus necessary that these rules are adhered to in order for the overseas pension scheme to be accepted by HMRC. The criteria outlined by HMRC for an overseas scheme to qualify as a QROPS include: • The pension scheme must be established outside of the UK • It must be recognised for tax purposes in the country where it is located • It must be regulated in the country in which it is established • QROPS Rules – Age that benefits can be taken :- Benefits, including lump sum payments, from the transferred funds may not be distributed earlier than the normal retirement age of 55. An individual’s must have been a non-UK resident for five complete tax years before accessing benefits.

4. Who Qualifies For A QROPS Pension Transfer? • His/her age Must be between 18 and 75 years. • Have been living outside the UK for 5 consecutive fiscal years. • British nationals who live abroad, or individuals who have previously worked in the UK, and are in possession of UK personal or corporate pension plans • Have a pension fund in excess of £30,000 for this type of arrangement to be cost-effective. A number of providers will allow individuals top-up their fund in order to meet minimum transfer value requirements. • Applicants for a QROPS need to provide evidence that they have left the UK or are planning to do so within the next 12 months . This can take the form of a lease on a property or a formal offer of employment.

5. Who Is Not Eligible For QROPS? • Any pension which has previously been used to purchase an annuity. However, if you have already taken a lump-sum payment form you pension pot, but not purchased a lifetime annuity, you may still qualify for a QROPS. • Any pension that has already taken payment from a ‘final salary scheme’. • UK State pensions. • It should be noted that being in possession of a QROPS will not affect your entitlement to a UK state pension.

6. Get complete QROPS guide free at http://axis-finance.com/free-qrops-guide/ Get full details of QROPS like • When not to use, • What are the Benefits through QROPS, • What are the disadvantages Through QROPS • How to transfer QPROS funds etc. …Thank You…