The process of arranging a transfer from a UK pension scheme to a QROPS can be complex and time-consuming with considerable scope for errors and delays. The majority of QROPS providers will only allow pension transfers through their appointed intermediaries as they can take greater reliance in the new...Read More
Yes but these are relatively unusual. In most circumstances as long as you are non-UK resident and intend to remain so for at least five complete UK tax years the benefits to you can be immense. If, however, your fund contains valuable rights these may not be economically efficient to...Read More
A transfer to a QROPS will be what is known as a "benefit crystallisation event". This may give rise to a tax charge if the amount transferred exceeds the "lifetime allowance" (LTA) - which has been £1.0 million from April 2016 onwards. If, however, you have registered for "primary...Read More
This will depend on your existing pension provider and the assets that you hold in your UK pension scheme. Generally a transfer will be quicker if converted into cash. It can also prove costly and time-consuming to attempt to transfer the existing assets. If your UK pension fund is...Read More
This is the most difficult of QROPS questions to answer, as it is entirely depending on your ability to move quickly and your UK provider. Most transfers from UK pension schemes to QROPS take two to three months. However, transfers from some schemes, in particular public sector schemes, can take...Read More
Yes. A QROPS can be used to receive transfer values from any UK registered pension scheme even where benefits have been taken. The exceptions however are annuities in payment and "scheme pensions" from company pension schemes.
Most NZ QROPS will allow the remaining funds to be distributed at the discretion of the scheme trustees to your nominated beneficiaries. This is irrespective of whether benefits have been taken. Where this is not the case they will pass to your estate. The effect of this approach is...Read More
Some QROPS jurisdictions do not require tax to be deducted at source from income or lump sums when taken – such as New Zealand. The tax treatment of any income or lump sum you receive will depend upon where you are tax resident at the time and in some cases...Read More
There is no limit to the size of funds that may be accumulated within a QROPS. There is considerable flexibility in the timing of taking benefits from a QROPS. Usually benefits may be taken between the ages of 55 and 75.
QROPS providers are not required to notify HRMC of any payments from transferred pensions unless the member is: Resident in the UK when the payment is made, or Although not resident in the UK at that time, has been resident in the UK earlier in the tax year in which...Read More