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QROPS Advice: How New HMRC Rules Could Impact Your Overseas Pension Transfer

If you’re considering transferring your UK pension overseas, the recent changes to QROPS rules could significantly impact your retirement plans—especially if you’re heading to popular destinations like France, Portugal or Spain.  From 30 October 2024, the UK government has removed the exemption from the Overseas Transfer Charge (OTC) for transfers to QROPS (Qualifying Recognised Overseas Pension Schemes) in the EEA and Gibraltar. In this article, I’ll explain what these changes mean, how they affect QROPS transfers…

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UK Budget 2024 – What does it mean for expats?

The dust is still settling on last week’s Budget. Things like increased National Insurance Contributions and a higher government borrowing ceiling have already been picked apart by the mainstream media. However, in this post, I want to focus on a few areas that will be of interest to those of us who are either living outside the UK already or who are considering doing so.

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Pension Planning Essentials: Why FP2016 and IP2016 Still Matter

With the abolition of the lifetime allowance (LTA) tax charges in April 2024, many individuals assume that they no longer need to worry about pension protections.  However, there are still two forms of transitional protection available that can offer significant benefits: Fixed Protection 2016 (FP2016) and Individual Protection 2016 (IP2016). Both of these protections offer valuable safeguards, but understanding which one suits your specific circumstances is critical.  This guide will help clarify the differences between the…

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Understanding UK Tax, Retirement & Succession Planning in Saudi Arabia

For British expats living in Saudi Arabia, navigating the complexities of UK tax, retirement, and succession planning can be challenging.  The financial landscape shifts when you move abroad, and understanding these changes is crucial to safeguarding your wealth and ensuring a secure future.  In this blog post, we’ll break down the essentials of managing your UK tax obligations, planning for retirement, and preparing for succession while living as an expat in Saudi Arabia. UK Tax Considerations for Expats…

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How to Find a QROPS Adviser

If you’re been living abroad and have a UK pension, you will have probably heard about Qualifying Recognised Overseas Pension Schemes (QROPS). A QROPS is an overseas pension schemes that meet certain standards set by HM Revenue and Customs (HMRC). For expats, they can offer flexibility, tax efficiency, and currency benefits.

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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.

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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…

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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…

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RISKS

Investments involve risks. The investment return and principal value of an investment may fluctuate so that an investment, when redeemed, may be worth more or less than the capital invested. Past performance is not a guarantee of future results. There is no guarantee strategies will be successful.

 

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