QROPS Benefits – If you are looking to retire or already have moved to Spain and will be living outside of the UK for 10 years or more then you should seriously consider transferring your pension overseas. The benefits can be far and wide;
- Lower Charges – UK pension funds often charge significant fees for the administration of a pension. By transferring your UK pension into a QROPS you should be able to reduce the expense of running your pension.
- No currency risk – by transferring your UK pension into a Euro denominated pension that is held in either Spain or a country like Malta you will not be subject to currency fluctuations and foreign exchange costs
- Tax Benefits of a QROPS – by transferring your pension into a QROPS you will be able to reduce the cost of your inheritance tax, income tax and increase the lump sum available.
- Investment Choice is increased – you are able to access a wider range of investments when you transfer your pension into a QROPS.
- Protection – after moving abroad after 10 years you no longer have to inform the UK’s taxation authorities, the HMRC, on what you are doing with your pension. Therefore keeping it confidential what you are doing with your money.
For more information on the wide ranging benefits of transferring your UK pension into a Spanish or third party Jurisdiction QROPS please don’t hesitate to get in touch with one of our qualified offshore pension experts.