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QROPS Explained: How the 5-Year Rule Affects Your Overseas Pension

If you’re navigating the complex world of overseas pensions, you’ve likely come across the term “QROPS.” Standing for Qualifying Recognised Overseas Pension Scheme, QROPS have long been a consideration for expats who want to transfer their UK pension abroad. But there’s one aspect that often causes confusion: the QROPS 5 year rule. Let’s break it down in simple terms.

Beyond the Lump Sum: Why Taking Your Tax-Free Cash in Stages Could Be Your Best Move

Navigating pension options can feel like a maze. Whether you’re eyeing retirement or simply planning ahead, understanding how to efficiently access your pension tax-free cash is crucial. Here’s a straightforward guide on why you might not want to withdraw your pension commencement lump sum all at once and how doing it in phases could benefit you and your family.

New Pension Rules 2024: How to Prepare for the Abolition of the Lifetime Allowance

From April 6, 2024, the Lifetime Allowance (LTA) for pensions will be a thing of the past. This marks a significant shift in how retirement savings are taxed in the UK. Here’s a straightforward breakdown of what this change means for you and how to make the most of the new pension landscape.

Will the new “residence-based” approach to inheritance tax affect me?

In his budget last week, UK Chancellor Jeremy Hunt, announced his intention to move to a residence-based regime for Inheritance Tax (IHT). The question is how will this affect us as expats?

Can I transfer my UK pension to Sweden?

Are you a Brit living in, or moving to Sweden? Are you unsure of how to navigate the complexities of managing your pensions across borders? Whether you’re entangled in the web of the UK’s State and private pensions or exploring the multifaceted Swedish pension landscape, understanding the nuances of each system is crucial. In this guide, I will explore the options, obstacles, and opportunities that await you.

Can I transfer my Irish pension to the UK?

Some Irish pension products are simply not suitable for non-domiciled individuals or those that do not intend to stay in the country in later life. However, navigating the complexities of pension transfer between countries can be daunting, especially when dealing with two different regulatory environments such as Ireland and the UK. This guide aims to simplify the process, outlining key considerations, steps, and implications of transferring an Irish pension to the UK.

How do I keep my UK bank account when I live abroad?

Keeping a UK bank account active while living overseas is a common concern among British expatriates. There are several reasons for wanting to do so, including receiving UK pension payments, paying for properties or financial commitments back home, or simply for ease of access to funds when back visiting friends and family.

The gift that keeps on taking: Understanding gift with reservation of benefit rules

Gifting an asset directly to a loved one or indirectly via a trust can be a really effective way of mitigating Inheritance Tax (IHT). However, care needs to be taken to make sure that HMRC doesn’t put the kibosh on your well-laid plans. If they view your action as a “gift with reservation of benefit” then the asset in question will still be viewed as part of your estate for IHT.

Are QROPS Still Suitable in 2024?

As we move into 2024, the financial landscape continues to evolve. For expatriates or individuals with UK pension funds living abroad, the question of how to best manage these retirement savings remains a pressing one. Qualifying Recognised Overseas Pension Schemes (QROPS) have been a popular choice since their inception in 2006, but are they still a viable option in today’s financial climate? In this post, we will delve into the current state of QROPS and assess whether…

Evaluating Expat Pension Options – Should I Keep My QROPS?

As an expat, navigating pension options can be complex, particularly when it comes to understanding Qualifying Recognised Overseas Pension Schemes (QROPS). If you already have a QROPS, it is crucial to stay informed about the latest developments and alternatives. What Is A QROPS? A QROPS is an overseas pension scheme where UK pension plans can be transferred. They have been a common option for expats in recent years but in many cases using a QROPS has…

I’m Unhappy With My QROPS, What Should I do?

Are you feeling uneasy about your current QROPS (Qualifying Recognised Overseas Pension Scheme?) It’s not uncommon.I have spoken to numerous expats who have to find themselves questioning the performance and suitability of their QROPS. But fear not! Here’s a comprehensive guide to understanding the intricacies of QROPS and steps you can take if you’re not entirely satisfied with your current plan. Understanding QROPS: Aligning It With Your Goals The core purpose of a QROPS is…

Gone for a Burton! What Expats Can Learn About Estate Planning from an Acting Legend

Richard Burton was an actor renowned for both his exceptional talent and his turbulent personal life. He also offers a cautionary tale for expats when it comes to estate planning. Despite his efforts to avoid UK inheritance tax (IHT), including living for more than a quarter of a century in Switzerland, Burton’s story reveals the complexities and pitfalls of domicile laws and their impact on inheritance tax (IHT). The Dazzling Life and Unexpected Legacy of Richard Burton …

What do I do with an inherited pension?

A pension is typically the second largest asset that someone owns (after the family home). However, they often get overlooked when people think about passing on their wealth, as they fall outside of an estate for inheritance tax (IHT) purposes. Understanding pensions and what to do when you inherit one can be tricky too, with various options and considerations depending on the type of pension and your circumstances. This blog…

Lost and Found: Securing Your Financial Future

Today is Pension Tracing Day. When it comes to financial planning, pensions often lie at the heart of long-term security. However, with job changes, relocations, and the hustle and bustle of life, many of us lose track of these essential financial safety nets. Enter Pension Tracing Day – a day dedicated to helping people reconnect with their lost or forgotten pensions.

UK Inheritance Tax Rules For Expats: Understanding the Implications for Non-Domiciled Spouses

Inheritance tax (IHT) is a contentious subject for many, especially as it revolves around the sensitive topic of what happens to one’s assets after death. For those affected, understanding the basic IHT rules is crucial. However, the waters become muddier when considering situations involving a non-domiciled spouse.

Global Assets, Local Laws: Navigating Wills Across Borders

Do you have assets in more than one country? Do you know how your Will will be treated in different jurisdictions? From forced heirship in Europe to the role of executors in Asia, here’s what you need to know.

Coming Home: 10 Financial Steps for Expats Returning to the UK

I have been living outside the UK for 23 years. I rarely get homesick. But last weekend it hit me hard. While I’m not packing my bags just yet, I realise that many expats eventually do. Thinking of returning to the UK? Prepare yourself to face a unique set of financial challenges and opportunities. It is always best to start planning as early as possible. Here are 10 financial action points to get you started.

Why Leaving Without A Will Is Like Playing Russian Roulette With Your Legacy

Picture this: you’ve spent a lifetime building memories, accumulating assets, and nurturing relationships. Then, in a blink of an eye, you’re gone. Your life’s work, potentially left to the winds of chance. That’s the harsh reality for those who pass away without a will.

The Costly Mistake of Ignoring Tax Residency Laws: A £186m Lesson

Imagine packing your bags, bidding goodbye to the dreary weather, then suddenly finding yourself slapped with an unforeseen £186m tax bill. This isn’t a fictional horror story – it’s the shocking reality British magnate Alan Sugar faced when he tried to dodge the UK tax net by relocating Down Under.

Understanding UAE Succession Law: A Step-by-Step Guide for Expats

Are you an expat living in the UAE and wondering how succession laws may affect you, your family, and your assets? Look no further! This comprehensive guide will provide you with a step-by-step understanding of UAE succession law. Navigating the intricacies of inheritance can be daunting, especially in a foreign country with its unique legal framework. However, with our expert insights, you’ll gain the knowledge and confidence needed to ensure your assets are protected and distributed according to your wishes.

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