Once you have confirmed that A) you qualify for a QROPS Transfer and
B) the benefits of transferring your UK pension offshore appeal to you, there
are some questions to be answered. Our advisors can help you with working through the process of selecting a
QROPS transfer that suits you.
- Costs
- There will be costs involved in the move of your pension fund into a QROPS, but, these are generally paid for by the pension fund
- There are annual management fees on the QROPS pension, but, these are paid for by the pension fund, and, even a pension fund in the UK has the costs, often much greater!
- There are still tax considerations in most countries, these are covered seperately
- Tax implications
- Evaluate the tax that is going to be levied on your pension funds after transferring to a QROPS fund
- Your local laws will affect the tax levied on the repatriation of pension funds
- Jurisdiction
- In other words; what county will your selected QROPS pension plan be located?
- Factors that need to be taken into account are tax-efficiency, international law, currency etc
- What happens to my pension on my death?
- Nobody likes to think of their death, but to know you have planned for this for your family is a good thing
- What flexibility is there in my QROPS pension fund?
- Some plans offer greater flexibility than others
- Some jurisdictions offer more flexible QROPS plans than others
