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Information provided by Guide2Velencia

 

British Expats with a UK private pension may be better off transferring to a QROPS (Qualified Recognised Overseas Pension Scheme) scheme.
 

Many members of UK Pension Schemes are suffering from frozen pension benefits. Many of these schemes Pension funds are not performing much above inflation, let alone making money, and according to a recent Daily Mail front page article, many look like they are doomed completely.
 

Most people do not realise they can regain control of their previously frozen UK pension money.
 

If you have ever been a member of a UK Company Pension Scheme or a UK Personal Pension, even if you did not pay anything in yourself.
 

QROPS will allow you much greater investment freedom with access to global funds with potential of higher returns, if you are 50+ (hurry as this changes to 55 in April 2010) take your 25% tax free lump sum now with no need to buy an Annuity.
 

QROPS has allowed individuals and companies to unfreeze previously frozen money. In the process, the money moves from its current taxed environment into an offshore tax-free environment under your own control.
 

What is QROPS?
 

QROPS stands for Qualified Recognised Overseas Pension Scheme.
 
On the 6^th April 2006, Her Majesty’s Revenue & Customs introduced new legislation on transferring frozen pension funds from the UK to overseas QROPS solutions.
 

This now means that those who are or will be non-UK residents can transfer their UK pension funds without tax deduction and ultimately draw them without UK tax liability.
  

For more information Click here.
 

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