It is absolutely vital to have an effective retirement plan in place should you wish for your twilight years to be spent in safety and security.
deVere Malaysia, part of the deVere Group, can provide you with an array of retirement planning solutions.
Do you have a UK pension? Would you like more flexibility and control over your pension pot? Then consider a QROPS.
What is a QROPS?
QROPS (Qualifying Recognised Overseas Pension Scheme) was established in the 2006 Finance Act in the UK. It enables those individuals who have left the UK or are planning to leave the UK to migrate their UK pension entitlements internationally to a HMRC authorised pension trustee in an authorised jurisdiction.
Is a QROPS suitable for me?
If you have a UK pension, have left the UK, plan to leave, or are a resident but not UK domiciled, a QROPS is one of the most favourable pension schemes available to you. However, obtaining professional financial advice is a must to ensure that you do comply with the rules.
Why should I choose a QROPS?
QROPS give you more control over where your pension fund is invested, allows you to consolidate a number of pensions into one QROPS and does not require you to buy into an annuity.
Furthermore, the remaining fund is left to your beneficiaries without any deduction of UK tax upon death.
What is the process?
Initially with your authority we can trace all existing entitlements, establish up to date valuations and request a full schedule of benefits so we know exactly how your entitlements work. Working in conjunction with our FCA regulated deVere UK Ltd office in London and taking into account your personal background and longer term aspirations, we can provide the necessary legal and regulatory oversight in the US and UK to enable you to make a prudent decision as to the right option moving forwards.
What are the key benefits of a QROPS through the deVere Group?
• No need to buy an annuity
• Funds passed to beneficiaries in full after death: after completing 5 full tax years of non UK Tax residency, your pension will no longer be liable to UK income tax or death charges of up to 55%
• Flexible choice of currency your pension can be paid in
• Up to 30% pension commencement lump sum
• Secure jurisdictions
• Investment flexibility
• Transparent charges
• Greater investment freedom
• Succession planning
• Pensions can be consolidated in to one
• Free from UK lump sum death benefit charge
• Some jurisdiction allow your pension income to be paid gross
Contact deVere Malaysia for a free, no-obligation consultation with a deVere Malaysia adviser today.