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What age do I need to be to apply for a QROPS Pension Transfer?
- Anyone between the ages of 18 and 75 may apply for a QROPS Pension Transfer.
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I currently live in the UK, can I still apply?
- Yes, provided that you have a clear intention to become a non-UK tax resident within the next 12 months.
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Can I transfer my UK pension if I am a US citizen?
- Yes, if a QROPS outside of the US is used in a tax efficient jurisdiction.
- However, if you are wanting to use a fund in the US, there are regulatory limitations preventing US based IRA’s from receiving funds from a UK registered pension scheme.
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What nationalities can apply for a QROPS Pension Transfer?
- Any nationality may apply for a QROPS Pension Transfer, however some of the schemes are not available to US nationals.
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Can I transfer to a QROPS once I have taken an annuity?
- No.
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Can I transfer to a QROPS once I have taken a payment on a final salary scheme?
- No.
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Can I transfer a state pension?
- No. Unfortunately, you cannot transfer a UK state pension into a QROPS.
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When should I not transfer my frozen pension?
- In most pension situations, provided you are a non-UK resident and intend to remain so for five years or more, the benefits can be immense if you transfer your pension.
- However, some older pension’s plans have annuities set with higher interest rates and it may not be beneficial to transfer these.
- See if you qualify in the Who Qualifies? section.