> Home > Main Features
easyQrops International is a Pension and Wealth Management specialist with 17 offices worldwide.
QROPS is an abbreviation; it stands for Qualifying Recognised Overseas Pension Scheme. Legislation in the UK was changed to allow non UK residents, to move their pension to a QROPS for taxation, investment and death benefit purposes.
A QROPS overseas pension is available to residents of most countries and are of particular benefit to individuals who have left or are due to leave the UK and have UK pension benefits that are eligible for transfer.
THE BENEFITS OF A QROPS
There is no UK tax liability from incomes paid through QROPS pensions, provided you are a non UK resident for tax purposes. The option to pass your tax free pension assets to your next of kin or anyone else you choose, without incurring a UK tax charge which could be as much as 82% of the residual sum of your pension fund. You may realise a tax-free cash lump sum of up to 25% of your tax free pension total fund. There is no requirement to purchase an annuity or an ASP (alternatively secured pension). Greater flexibility with a wider investment choice which including property, scheme loans and for those who are suitably qualified, self-investment options, subject to your UK taxation criteria.
OUR COMMITMENT TO YOU
We will provide you with honest and professional advice before your pension is transferred to the QROPS tax free pension scheme, most appropriate to you. We will ensure that the most appropriate scheme is chosen before the transfer is made.
There are various investment options available including trusts, portfolios and investment platforms. Some of the investment options available are; Cash accounts, Gilts and bonds, Shares (equities), Unit trusts, Investment trusts, OEICs, Exchange traded funds, Life Company Offshore Bonds, Investment Property and Discretionary Investments.
The fee that you pay for an overseas pension transfer is dependant upon the amount you wish to transfer and also the company who runs the scheme into which the transfer is to be made. Before a transfer is made we will provide you with a comprehensive breakdown of all fees and charges.
MINIMUM TRANSFER VALUES
There is no minimum transfer value but because of fees and charges, the cost of transferring a low value to an overseas pension fund may be disproportionately high, therefore negating any financial advantage, however it is always worth enquiring as we will calculate the overall situation and advise you accordingly.
PAYMENT OF BENEFITS
You may commence taking benefits at 50 when you can, if you wish, take up to 25% as of the total fund as a tax-free lump sum, provided you have lived outside the UK for 5 complete, reporting tax years. As from April 2010 legislation is changing where the minimum age will be 55. Under certain circumstances it is be possible to receive funds before this age.
You may choose to take a a regular income from your QROPS fund, at an amount and at intervals to suit you, in accordance with the terms of the scheme. Even if you have opted to receive payments a QROPS gives you total flexibility allowing you to take payments from your overseas pension fund, when and how you wish, again within the terms of the scheme; you may also choose to take a lower or higher amount, where possible, depending on your circumstances at any given time.
An immediate lump sum may be payable along with a regular income payment, again depending on the particular scheme chosen, in instances where a QROPS scheme holder becomes incapacitated prior to reaching the retirement age.
If you have been a non-resident of the UK for 5 complete tax years or more, the total QROPS fund value upon death will be available as a lump sum and payable to your chosen beneficiaries. If a tax liability is due, depending upon your chosen country of residence, we will make you aware of this prior to the inception of you scheme.
If you have been a non-resident of the UK for 5 complete tax years or less, standard UK pension rules will apply. In instances where a Drawdown or USP, Unsecured Pension, are being taken before you have reached 75, the residue of the QROPS fund may be available to your beneficiaries as a lump sum, subject to 35% taxation. Should you die after the age of 75 and have an ASP or Alternatively Secured Pension, any lump sum paid to your beneficiaries may be subject to inheritance tax at 40%. The payment may also be subject to an unauthorised payment charge plus an unauthorised payment surcharge and a sanction charge, potentially increasing the tax liability to the equivalent total of 82%.
Most types of pension are available for transfer to a QROPS. We will advise you upon provision of you current pension type and status. You also have the flexibility to transfer out of your chosen scheme and into a different QROPS scheme at any time, subject to certain conditions.
The future value of your QROPS overseas pension is largely dependant upon the performance of your chosen fund. Any investments and income from them may fall or rise and are not guaranteed, you may realise less than your initial investment. Investments values will be affected by the amount withdrawn from your fund and any charges and fees due. Currency exchange rate fluctuations may have a positive or negativeimpact on your benefit payments. We will discuss all risks and permutations with you prior to transfer.