QROPS pensions are not only for the rich
Qualifying Recognised Overseas Pension Schemes pensions are not only for the ultra rich - any ex pat with a pension should think about increasing their wealth by taking their retirement savings offshore.
A QROPS - short for 'qualifying recognised overseas pension scheme ' - is one option.
A QNUPS - a qualifying non-UK pension scheme - is a close cousin of the QROPS and offers similar benefits.
With around 2,500 QROPS schemes on the market from tons of suppliers in around 50 monetary centers across the world, somebody, somewhere has a pension scheme to fit the needs of most ex pats looking out for a safe harbor for the retirement cash.
Qualifying for an offshore pension is easy. To milk a plan, the investor must be a Brit ex-pat or a world worker with UK pension rights.
The catch is trying to transfer funds while still a UK resident.
Residency laws are difficult, and if a pensions advisor or investor makes the wrong call, the penalty can total up to at least 55 percent of the value of the funds transferred out of the United Kingdom.
Average QROPS pension transfers are around the £100,000, but to reach this figure, the number has to include many larger and smaller funds.
The issue with transferring a fund of less than £100,000 is the costs concerned with setting up the scheme.
To draw in more smaller pension pots, many suppliers in top rated QROPS pension centres like Guernsey, Malta and the IOM are providing 'QROPS lite ' schemes with trimmed back investment options and significantly lower start up and administration charges.
Many of these cut rate schemes are offered by trusted Qualifying Recognised Overseas Pension Schemes providers with international reputations.
Now, many ex pats with pension funds as low as £25,000 have a chance to switch to a QROPS. Talk to an advisor for more information.
A QROPS - short for 'qualifying recognised overseas pension scheme ' - is one option.
A QNUPS - a qualifying non-UK pension scheme - is a close cousin of the QROPS and offers similar benefits.
With around 2,500 QROPS schemes on the market from tons of suppliers in around 50 monetary centers across the world, somebody, somewhere has a pension scheme to fit the needs of most ex pats looking out for a safe harbor for the retirement cash.
Qualifying for an offshore pension is easy. To milk a plan, the investor must be a Brit ex-pat or a world worker with UK pension rights.
The catch is trying to transfer funds while still a UK resident.
Residency laws are difficult, and if a pensions advisor or investor makes the wrong call, the penalty can total up to at least 55 percent of the value of the funds transferred out of the United Kingdom.
Average QROPS pension transfers are around the £100,000, but to reach this figure, the number has to include many larger and smaller funds.
The issue with transferring a fund of less than £100,000 is the costs concerned with setting up the scheme.
To draw in more smaller pension pots, many suppliers in top rated QROPS pension centres like Guernsey, Malta and the IOM are providing 'QROPS lite ' schemes with trimmed back investment options and significantly lower start up and administration charges.
Many of these cut rate schemes are offered by trusted Qualifying Recognised Overseas Pension Schemes providers with international reputations.
Now, many ex pats with pension funds as low as £25,000 have a chance to switch to a QROPS. Talk to an advisor for more information.
About the Author:
Many pension advisers turn away little QROPS deals because they are hunting bigger commissions from larger pension transfers, but many firms are set up to help less rich clients. Only use the most regulated firm www.qrops.net