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.
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.
If you are considering transferring your UK pension overseas, you’ve likely encountered a bewildering array of jargon and regulations. Among the most important terms you’ll encounter are the Overseas Transfer Charge (OTC) and the Overseas Transfer Allowance (OTA).
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…
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…
The purpose of this QROPS guide for expats is to use 20+ years of experience in dealing with international pensions to help you understand how QROPS work and outline the circumstances in which they should and should not be used. Tens of thousands of British expats have transferred their UK pensions to QROPS structures since they were launched in April 2006. The structure has proved to be incredibly popular as they help Britons who have permanently moved abroad to simplify…
