Comprehensive Guide To QROPS

Through QROPS many retirees are moving abroad to live out their golden years exactly the way the planned to do when they were younger. Whether you yearn to explore foreign countries or crave sunny beach days, there really is no doubt that QROPS is the perfect solution for your retirement. The first thing you need to know is that it is not uncommon for those entering retirement to consider a life abroad.

In the past, those choosing to spend their retirement aboard would be taxed heavily on their pensions. This was due to the fact that retirees moving abroad were forced to transfer their pension funds to the country they wished to move to. Adding to this was the added confusion of what would happen to the funds once they arrived in the other country. This is no longer the case. QROPS is an all-encompassing solution for retirees moving aboard.

Where is all started

The legislation was passed in 2006 to introduce QROPS for retirees. Through QROPS, certain standards would need to be upheld in the transfer of pensions from UK based schemes. The legislation also sought to include private pension funds, which had previously been excluded from transfer agreements. This has allowed anyone receiving a pension to transfer it to a qualifying country, without having to endure heavy tax burdens.

Finding the best QROPS

Since the legislation was passed, countless QROPS schemes were started. This is great because it gives those looking to retire several options to choose from. But, there are a number of things you need to take into consideration before choosing your scheme. First of all, you need to make sure that the option you choose is in fact, registered with the UK government. To do this you need to get hold of the company’s accreditation form and you need to double-check it against the records held by HM Revenue and Customs.

Next, it is advised that you make contact with a qualified advisor dealing specifically in QROPS. Your advisor would be able to help you find the QROPS which matches your specific needs and requirements. Alternatively, you could also contact each scheme which catches your eye and request that they send you all the relevant information on their scheme. You need to make sure that you read and understand every aspect of the documentation you receive.

The easiest countries for QROPS pay-outs fall within the EEA also known as the European Economic Area. The ease of moving to these countries lies in the limited paperwork which you will need to sift through. By choosing an EEA country you are also more likely to be able to manage your affairs including consulate visits. The only difference between EEA and non-EEA countries is the amount of paperwork you will be required to complete.

Once you have your paperwork and affairs in order the next thing you need to worry about is getting packed and ready for your new life. It really is that simple. By choosing to invest in QROPS you are setting yourself up for wonderful retirement full of exciting adventures.