What is QROPS pension?
QROPS or Qualifying Recognized Overseas Pension Scheme is an overseas pension scheme that gives excellent retirement planning benefits. To enjoy this benefit you don’t have to have to pay any unauthorized amount. Only you have to see that it full fills requirements in order to recognize by HMRC or Her Majesty’s Revenue and Customs.
Some advantages are as follows:
* You don’t have to live in the country you wish to transfer your pension. For e.g. if you retire from work in New Zealand, you can transfer your pension to Spain.
* QROPS advisors look into the present status of your pension, understand your need and recommend a suitable scheme that will match your requirements.
* Every country has rules and recognition. These QROPS advisors search options and chose the apt one for you.
* You can increase your retirement fund with QROPS pension benefits where funds grow virtually tax free.
* You will receive a higher lump sum cash amount at the time of retirement which is tax free on a high rate.
* Fund investment can be denominated to any currency you want. Thus it’s very easier and reduces currency risk.
* At any time you can change your investment plan. So there is a lot scope for flexibility and freedom to protect your investment. It also provides access to global funds. You can adapt your investment plan according to the fluctuations of the marketing conditions.
* In the event of your death you can pass your fund to your near ones or to any beneficiaries without any tax liability. No need to take an annuity.
* Protects you from future creditors depending on the jurisdiction. Thus ensures greater confidentiality.
* You can transfer any pension arrangement into QROPS provided no annuity is taken against pension.
Financial advisors can assist you with all other benefits against minimal fee and charges. You may search web for experts view.