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For some of you, retirement will be a long way off, and for others, it might be too close for comfort! Whatever your situation, now is a good time to review your financial plan and, possibly, to adjust it to create a portfolio that it more likely to meet your needs.
As an expatriate, recent UK legislation has been introduced to give you significant advantage over your UK-based peers, but many people remain locked-in to plans and policies that do not make full use of these allowances.
All of our Wealth Management Consultants are trained to know the pension options open to UK expatriates, and are waiting for you to contact them to discuss your individual situation and needs.
Use our contact form or the simple one below to find out more about us, and how we can help you.
For some of you, retirement will be a long way off, and for others, it might be too close for comfort! Whatever your situation, now is a good time to review your financial plan and, possibly, to adjust it to create a portfolio that it more likely to meet your needs.
As an expatriate, recent UK legislation has been introduced to give you significant advantage over your UK-based peers, but many people remain locked-in to plans and policies that do not make full use of these allowances.
All of our Wealth Management Consultants are trained to know the pension options open to UK expatriates, and are waiting for you to contact them to discuss your individual situation and needs.
Use our contact form or the simple one below to find out more about us, and how we can help you.
QROPS: Qualifying Recognised Overseas Pension Scheme
If you are thinking about enjoying your retirement outside of the UK, then a government approved overseas pension scheme provides you with an opportunity to maximise your retirement income and avoid the pitfalls of UK tax and regulations. A QROPS gives your greater control of your pension at retirement and provides valuable benefits for your spouse and your children.
Some of the benefits:
• No annuity purchase required
• 100% of fund for surviving spouse and their children
• Free from UK Inheritance Tax after five years
• More freedom to invest
QNUPS: Qualifying Non-UK Pension Scheme
QNUPS came about through legislation introduced on the 15th February 2010, and corrected the situation whereby UK pension funds transferred into a QROPS might have been liable to UK IHT charges. A QNUPS needs to satisfy similar conditions as a QROPS and broadly enjoys the same benefits, but with added advantages:
• Trustees do not have to report back to HMRC
• No limit to contributions, or size of the fund
• Income in currency of choice, reducing currency risk
• Immediately exempt from UK taxes on death
• Broad range of assets can be included
If you are thinking about enjoying your retirement outside of the UK, then a government approved overseas pension scheme provides you with an opportunity to maximise your retirement income and avoid the pitfalls of UK tax and regulations. A QROPS gives your greater control of your pension at retirement and provides valuable benefits for your spouse and your children.
Some of the benefits:
• No annuity purchase required
• 100% of fund for surviving spouse and their children
• Free from UK Inheritance Tax after five years
• More freedom to invest
QNUPS: Qualifying Non-UK Pension Scheme
QNUPS came about through legislation introduced on the 15th February 2010, and corrected the situation whereby UK pension funds transferred into a QROPS might have been liable to UK IHT charges. A QNUPS needs to satisfy similar conditions as a QROPS and broadly enjoys the same benefits, but with added advantages:
• Trustees do not have to report back to HMRC
• No limit to contributions, or size of the fund
• Income in currency of choice, reducing currency risk
• Immediately exempt from UK taxes on death
• Broad range of assets can be included
Please note that this is our understanding of HMRC law and practice as at December 2010. Not everyone will benefit from a
QROPS or a QNUPS and a fact-find and specialist pension review will be conducted prior to any advice being given.