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Access your UK pension early tax free

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Qrops


Joined: 21/05/2011
Posts: 19

Message Posted:
25/05/2011 18:20

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Message 1 of 9 in Discussion

Are you a British expat? Have you ever contributed to a private pension in the UK? You can now unlock it by transferring it into a Qrops and take a tax free cash lump sum.



Pippie


Joined: 02/12/2009
Posts: 1288

Message Posted:
25/05/2011 19:54

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Message 2 of 9 in Discussion

What?

So tell us what on earth your talking about, or is it just a wind up?



wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
25/05/2011 20:10

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Message 3 of 9 in Discussion

Qrops,



Just where I am now! Are you qualified?



wyn



Qrops


Joined: 21/05/2011
Posts: 19

Message Posted:
25/05/2011 20:28

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Message 4 of 9 in Discussion

Pippie: No not a wind up, if you have contributed to a private pension in the UK but no longer live in the UK or intend to leave the UK long term, you can transfer your UK pension fund into a QROPS (Qualifying Recognised Overseas Pension Scheme) Qrops exist all around the world and depending on which jurisdiction the Qrops is based, your pension fund will fall under the laws of that jurisdiction.



Wynyardman: The financial advisers who would advise you on which Qrops is best for your specific circumstances and who process the paperwork are fully licensed and regulated.



Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
25/05/2011 20:35

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Message 5 of 9 in Discussion

Actually, you can do the same with a frozen Civil Service Pension entitlement if you are over 55 but have not started receiving pension payments.



No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
25/05/2011 20:40

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Message 6 of 9 in Discussion

What are the charges for transferring 100k in a SIPP into this arrangement?



Qrops


Joined: 21/05/2011
Posts: 19

Message Posted:
25/05/2011 20:44

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Message 7 of 9 in Discussion

No1Doyen: Depending on what Sipp you chose, anywhere between 0% and a couple %



mikeyCBBR


Joined: 05/01/2009
Posts: 168

Message Posted:
25/05/2011 21:25

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Message 8 of 9 in Discussion

0% yeah right, be warned it is only appropiate if you are intending to stay out of the UK, many expats return to the UK, if you want protection with your advice use the FSA register to check whether they are regulated.Many ex pat advisers are not qualified let alone regulated.

http://www.fsa.gov.uk/register/indivSearchForm.do;jsessionid=6e45ebcf28164c5599519940dffef887.s6fNml1Ka34InBbv-ArJrwTPoNCNa30Ocybtah0IaNuIahiIb3yIaNfwmxiInxiOahmLc3aTc2SHc30Ka2aToi5hch0Na2TSn7bvq70KagTAqQ4InQXQ-BjF8NaPbNeMc2bMnkrDqRfzqwbMnkrDqRfzqwbynknvrkLOlQzNp65In0__



Qrops


Joined: 21/05/2011
Posts: 19

Message Posted:
25/05/2011 21:31

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Message 9 of 9 in Discussion

MikeyCBBR: 0% is correct, after the 5 year rule there is no reporting to HMRC, whether you return to the UK or not.



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