Pension Transfers

It is possible, within certain criteria to move UK pensions overseas, the schemes called Qualifying Recognised Overseas Pension Scheme (QROPS) are available to those people planning to move or already overseas. There are certain tax benefits to moving offshore in that the funds can grow free of tax but more importantly there are major improvements on the UK pension rules, namely funds remaining in the plan when you die do not go to the pension provider and tax man, remaining funds will be dispersed as per your wishes.

Another major advantage is that a pension can be set up in the currency of choice, so a UK pension can be transferred to an offshore centre and set up in Euros therefore eliminating the risk of currency fluctuations if so desired.

Because of the rules and regulations imposed on these type of transfers each case is different and it is very difficult to explain all of the whys and wherefores on here. We work on a case by case basis looking at each individual client. In the first instance we need to ascertain that a client's pension is eligible for transfer, if so we will provide a report as to the positives and negatives of moving a particular pension before moving forward.

If you have frozen pensions in the UK and would like to know whether they can be moved for your benefit then please contact us in the first instance.