UK Pensions

BIA Capital provides solutions for Individuals with UK Pensions who have left or Intend to leave UK permanently.

What is QROPS ?

Individuals, who have worked in the UK,  have accrued UK pensions. In 2006, the UK tax authority HMRC created the Qualifying Recognised Overseas Pension Scheme (QROPS) to allow individuals who have left or intend to leave the UK permanently to transfer their pensions out of the UK with them. Only a QROPS can receive pension transfer from the UK without incurring any UK tax charges.

The potential benefits of transferring your UK pension to a QROPS are:

  • Pensions no longer subject to UK tax rules.
  • No requirement to purchase an annuity.
  • Entire pension fund available to beneficiaries upon death
  • Benefits may be drawn from age 55 including 30% as a tax free lump sum.
  • Potentially lower tax on pension income depending on your country of residence at withdrawal.
  • Consolidate multiple pensions into one pension scheme.
  • Wide range of investment options.
  • Access to global funds with potentially higher returns.
  • Choice of investment currencies.
  • No lifetime cap on pension funding.

A QROPS has to be broadly similar to a UK registered pension scheme where the earliest retirement and pension draw-down age is 55 years old and the pension fund has to provide lifetime income. Any scheme that pays the pension income before the retirement age cannot be a QROPS.

There are many QROPS in the world in many different jurisdictions. To be a QROPS, the scheme trustee only has to register with HMRC with all the necessary documents and declarations. Being on the HMRC QROPS list does not mean that the scheme is approved or endorsed; it is simply registered with HMRC.

Due Diligence

BIA Capital is associated with IFAST Financial for the International Pensions. The IFAST Team conducts stringent due diligence on the QROPS offerings to ensure that the jurisdiction and the trustees are compliant to QROPS rules, adequately licensed, financially strong, very experienced and highly regulated. We ensure that the fee structure is transparent, ethical and very competitive. 

 

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