Pension Transfer

A QROPS is a Qualifying Recognised Overseas Pension Scheme that is recognised by and has met the criteria as set by Her Majesty’s Revenue & Customs (HMRC). Any QROPS can, therefore, in principle accept a transfer from a UK registered pension scheme.

Why Transfer Your Pension with Holborn Assets South Africa

Freedom of movement of UK Pensions offshore became law in 2008. Since then it has taken two years to gear up the offshore financial industry to ensure robust regulatory processes were in place.

Hundreds of Thousands of UK Pensions, including the NHS, Civil Service, Teachers Superannuation and Forces have reduced in value this year with the financial crisis and demographic baby boomer time bomb in the UK, the reduction happened as a result of moving valuation from measuring the Consumer Price Index (CPI) from the traditional Retail Price Index (RPI). Losses of up to 20% have been the norm.

As a non-resident of the UK with a UK Pension there are several major advantages for moving your pension offshore. The top five are:

  1. Stop more reduction in the value of your pension and take care of your own money.
  2. Tax advantages – no income tax, no inheritance tax.
  3. 100% Retention of your pension in your estate – it doesn’t disappear after you die (a UK Pension generally halves to your widow and then disappears altogether).
  4. Higher growth potential with a much wider range of investments and multi-currency.
  5. Control everything by yourself offshore as opposed to being controlled by Trustees or the company you worked for in the UK.

If you’d like to find out more about retirement planning and pension transfers please download our free transfer guide.

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Why Transfer Your Pension with Holborn Assets South Africa

QROPS can be complex and they are not suitable for everyone so it is essential that you seek advice from a qualified Holborn Assets South Africa adviser. Discussions and advice as well as valuations on your UK Pension are FREE and without obligation. We can also assist you locate lost or forgotten pensions.

Please beware of the risks. Anyone considered to have abused the regulations may be subject to severe tax penalties of 55% of the pension fund for an unauthorised pension transfer on any wealth they still hold in the UK, or on returning to the UK.

Transferring to a QROPS may result in the loss of certain protected rights, including contracted out rights, or guaranteed rights accrued under a defined benefit scheme. In some situations it may be advisable to leave the pension in the UK or utilise a Self-Invested Personal Pension (SIPP).

It is essential you receive advice from a qualified Holborn Assets advisor before considering moving your UK Pension.

Talk to us about Pension Transfer

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