UK Pension Transfers
Imperium Capital can help you maximise the value of your UK pension, if you're either an expatriate, non-UK-national, or intend to retire outside of the UK.
In 2006, the UK government established new laws to benefit retirees and pension savers, which included tax breaks for those not living in the UK, and those intending to move to another country. To get the benefits of this legislation, the UK-domiciled pension needs to be transfered into a "Qualifying Recognised Overseas Pension Scheme", or "QROPS".
As the name suggests, these pension schemes have to be approved by the UK government in order to receive inward transfers from UK-domiciled pension schemes.
Key benefits of a QROPS
* No UK income tax to be paid on pension income (currently up to 45% tax rate)
* No UK inheritance tax to be paid by beneficiaries inheriting any pension benefits (currently 55% tax rate)
* Flexible drawdown options
* Convert to a wide range of currencies, not just GBP
In addition, for people with UK "final salary" pensions (defined benefit pensions):
* Avoid the risk of your pension scheme collapsing due to a huge deficit (current government protection is just approximately £31,000 per year if your scheme collapses)
* Ensure your spouse/dependents can inherit your pension in the event of your death
* As your pension payout is already decided, it's currently not growing at all
Do you qualify for QROPS benefits? Yes, if:
* You have a UK pension
* You don't live in the UK, or are intending to become a non-UK resident in future
To get the benefits described above, please contact us and we'll help you through the whole process, which generally takes about 3 months to complete. If you have several different pensions, we can help you collate them into one if you perfer.
Why use Imperium Capital?
Setting up the right structure is very important, but there are many additional benefits we can offer you as we go through the process with you. For final salary pensions in particular, we have an excellent track record of achieving higher transfer values than initially quoted by the current pension scheme - often in excess of 20%. This means that the value of your pension is immediately higher.
Once the process is complete, your pension fund still needs to be managed well in order to maximise its value - and ensure that the investments made by the pension fund are both safe, and growing. Bad investment choices can destroy your pension - we're here to make sure that doesn't happen.
Already have a QROPS?
If you do, we can help you manage it well, to get maximum value from it. To discuss how, with one of our pensions specialists, please contact us for a free no-obligation consultation.
If you'd like more information in a downloadable format, please click here.