Example 1 of Qualifying Recognised Overseas Pension Schemes - QROPS

Qrops


Joined: 21/05/2011
Posts: 19

Message Posted:
14/06/2011 16:24

To really benefit from a QROPS you may need to ‘think outside of the box’ and be prepared to look to countries other than that of your new home – in other words start shopping around under expert guidance.



Example 1

An individual with a UK Personal Pension aged 50 and living in the UK in 2010, moves to Cyprus. He commences the process of transferring his UK pension scheme to a New Zealand registered QROPS. By 2015 the NZ QROPS ceases to have any reporting requirements to HMRC in the UK. The individual at the age of 55 has not been a UK tax resident for five years and the entire pension fund can be accessible in cash lump sums, in 2015 or 2016 entirely free of UK and NZ tax.

The pension holder would have benefited from moving to a selected New Zealand based scheme irrespective of where they lived – apart from the UK.

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