UK Pension Transfer

As an expat, you have undoubtedly heard of this terminology amongst friends, colleagues and TV/Internet media. SIPP (Self Invested Personal Pension) are more intended for those planning to retire in the UK, or if the pension is of a relatively small size. A SIPP falls under the HMRC tax laws in the UK, so tax is applicable at drawdown if residing back in the UK. QROPS (Qualifying Recognised Overseas Pension Scheme) are not subject to taxation when drawdown income from overseas provided certain criterias are met.)

QNUPS (Qualifying Non-UK Pension Scheme) is the latest scheme to be introduced by the HMRC in 2010 and is an overseas pension scheme in which cash and assets that are not eligible for UK tax relief can be contributed.

These three schemes were put together by the HMRC to offer more control to those that earned a pension while working in the UK.

Over the last five years, the global pension crisis has been spiraling out of control.  These schemes enable the respective individuals to take ownership of their pensions with many benefits that include:

• 100% of the value of the pension will pass to your family free of tax in the event of demise pre-drawdown (terms apply);
• Amalgamation of all of your UK pensions into one easily manageable scheme, thus unifying retirement date, investment management and reporting;
• Complete investment control, which can be managed by yourself or we can manage this process on your behalf.  Alternatively, you may opt for the value of the plan to be held in an offshore bank;
• Access to a private client portal offering you up to date performance analytics;
• A tax-free income (dependent upon the set up of the pension and your country of residence at the point of drawdown);