What are the benefits of transferring your pension to a QROPS?
- You are able to increase your monthly income from your UK-SIPP pension plan assets whilst at the same time minimising your exposure to currency fluctuations
- Pension rights transferred into a SIPP-QROPS-HMRC approved are also now protected from UK inheritance tax (as introduced in the October pre-budget statement)
- No need to buy an annuity or ASP (Alternatively Secured Pension) after 75
- You gain control of your retirement plan assets with the right to leave the assets in your plan to your chosen beneficiaries
- You have the potential for increased growth of your retirement assets & reduced administration costs in comparison to your UK retirement plan
- No UK income tax liability on income
- 25%lump sum from retirement fund, 30% if resident outside the UK for more than 5 years
- Fully portable from country to country
- Greater flexibility in terms of how and when you draw down your assets
Do not hesitate to contact us if you have any queries.