The Ramsey Show (December 21, 2021)




Benefits of Transferring Your Pension Funds to A QROPS

Although the UK pension schemes such as SIPPS (self invested personal pensions) are giving the investors the freedom to control their investments, the QROPS system is still more empowering. However, after reading this article you will get acquainted with some of the common benefits that can be derived from switching to a QROPS system.

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Are you one of the few people who are lucky enough to still have a job and a stable retirement plan? If so Congratulations, this is not so for the majority of the baby boomer population. Tens of million of people wonder daily if they will be employed tomorrow or if they will even have a retirement plan to look forward to.

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Essential Guidelines on the QROPS System

QROPS was introduced by Her Majesty’s Revenue and Customs (HMRC) as an attempt to allow investors possessing UK pension funds to transfer their pension schemes to another country where they wished to relocate themselves. The main providers of this pension scheme included insurance companies, banks as well as various trust institutes.

Common Queries Regarding QROPS

Transferring your pension funds to QROPS system does not mean that you can get a tax exemption. What it actually does is that it enables you to escape the UK income tax charges but on the other hand you are liable to pay the tax imposed by the host country. Moreover, in the first five years of leaving the UK you are required to report to HMRC after which no reporting is necessary.

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