QROPS and Investment Flexibility

  1. Will I have to purchase an annuity if I transfer my UK pension into a QROPS?

    • No.
    • However, if your QROPS is correctly set up, you can if you want to. Remember that a good QROPS Pension Transfer offers greater investment flexibility.

  2. Can I do a QROPS Pension Transfer myself?

    • No. Only appointed intermediaries are allowed to do a QROPS Pension Transfer.

  3. If I transfer my UK pension to a QROPS can I access my fund as a 100% lumpsum?

    • No. Schemes and advisers that are offering 100% are being shut down by the HMRC and members are being levied heavy surcharges and penalties for this.

  4. What happens if I move around the world?

    • The selection of a neutral Jurisdiction for your QROPS is more important in this case.
    • No matter where you move in the world, nor how often you may move, your QROPS plan stays in the neutral offshore jurisdiction that you have chosen.

  5. What flexibility should I look for in a QROPS?

    • While you are in your first 5 years as a UK non-resident, the QROPS may be less flexible, but what are the options after this period?
    • Does the QROPS allow you to select underlying funds?
    • If you select underlying funds, are you able to switch?
    • What are the fund's costs and fees for administration and changes?
    • You may also appoint an investment adviser to make the decisions with you or for you.

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