QROPS - British Expat Pension transfer, move your pension offshore, transferring your UK pension abroad into a QROPS or QNUPS

Providing information and clarity

for British Expats looking to Transfer their UK Pension Offshore

Qualified Recognised Overseas Pension Schemes (QROPS)

As a result of A-day (6 Apr 06), UK overseas transfers are permitted if an overseas schemes is registered with HMRC as a Qualified Recognised Overseas Pension Scheme.

Who Can Transfer their UK Pension?

	Any individual who has left the UK and left behind a UK occupational pension or personal pension.

	Including protected rights.

	QROPS & QNUPs are now open to UK residents also.

	The overseas scheme (QROPS) can be in a location of choice, to optimise the pension/tax outcome.

What makes a QROPS Qualified and Recognised by HMRC?

• Scheme must be open to local residents in that overseas country.

• “international-only” schemes cannot be QROPS.

• The overseas country must have a taxation

system for pensions which is either TEE (Taxed, Exempt, Exempt) or EET (Exempt, Exempt, Taxed)

• The overseas scheme must be tax-approved as

a pension scheme by the overseas country.

• At least 70% of the funds transferred must be used to

pay a pension for life and benefits must not

commence prior to age 55.

Where are QROPS located World Wide?

	Country	Number of Schemes
	Australia	929
	Austria	9
	Bangladesh	1
	Barbados	4
	Belgium	22
	Bulgaria	3
	Canada	100
	Cyprus	4
	Czech Republic	4
	Denmark	9
	Finland	8
	France	38
	Germany	62
	Gibraltar	10
	Greece	2
	Guernsey	3
	Hong Kong	25
	Hungary	1
	Iceland	3
	India	18
	Ireland	677
	Isle of Man	173
	Italy	38
	Jamaica	2
	Jersey	138
	Latvia	1
	Liechtenstein	3
	Luxembourg	8
	Malaysia	1
	Malta	10
	Mauritius	2
	Netherlands	98
	New Zealand	23
	Norway	5
	Portugal	23
	Russian Federation	1
	Slovakia	3
	South Africa	30
	Spain	13
	Sri Lanka	1
	St Lucia	3
	St Vincent & Grenadines	1
	Sweden	5
	Switzerland	139
	Trinidad	1
	Trinidad and Tobago	2
	Turkey	3
	United States of America	15

	*Accurate as of 29th April 2012

What are the Advantages of a QROPS?

	•Actuarial calculations can be used to authorise higher percentage draw down. (Health, age etc) • No lifetime allowance limit - Currently a maximum of £1.8m can be held by an individual in 2010. Any amount above results in a 55% life time allowance charge. (To be reduced to £1.5m in April 2012) •Also Applicable to UK residents or clients that may move back to the UK - the ability to make contributions without tax relief to a QNUPS. IHT protection applies from day one and there is complete investment flexibility. •Choice of Investment Currency •Unlimited fund selections word wide •100% Capital Protected funds available
	•100% of the pension fund will be left to the spouse with IHT advantages (Inheritance Tax). •In the event of Death of the Spouse 100% of the remaining pension can be left to the Family with IHT advantages.
	What Can be held in a QROPS? •Pension Assets •Cash •Alternative Investments •Land •Shares •Commercial Property •Investments

	Can we Help? - If you are a British expat or you have lived in the UK and contributed to a UK Pension for over 7 years and want information on how to transfer your pension offshore, we can help you. You could be transferring your UK pension abroad into a QROPS or QNUPS tomorrow!

	You could be saving you and your family significant amounts of Pension income that could currently be lost.



	*Recommended for expatriates that have been working out side of the UK for 5 full tax years or more or intend to do so and also intend to Retire outside of the UK.