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.
- 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.
- There will be costs associated with the move of your pension funds.
- The QROPS pension fund will have annual management fees.
- Then there are of course taxes, dealt with separately.
- 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.
Some plans are more flexible than others, and some jurisdictions have more restrictive legislation on pension funds.
This is stated quite bluntly but when planning a pension transfer it is worth considering your loved-ones and what effect your financial decisions now have when you pass away.