Close may launch US QROPS

Close Asset Management is currently researching the possibility of creating a QROPS product for British expatriates living in the US.

Currently, most QROPS are not available to US citizens or residents, with the majority of products serving British expats in Europe.

The UK and the US have a double tax treaty in place, which saves British expats on some of the possible charges they may face on their pensions.

However, Close AM is looking into the possibility of creating a more efficient vehicle for accessing UK pension funds from the US.

"There are 1.3 million Brits in the US," Rex Cowley, head of marketing, international asset management at Close says.

"Close is doing research on the feasibility of a QROPS for Brits living in the US. We want to find out if there is any advantage for clients and if we can alter our product for that situation."

The research is likely to be published in 2011.

QROPS are qualifying recognised overseas pension schemes, which are recognised by HMRC. In some situations, QROPS can receive a transfer of UK pension benefits without incurring an unathorised payment and scheme sanction charge.