Pension Transfers - QROPS

Can German pension schemes be transferred in the same way? Regards GG

Posted by: GG

QROPS

For an author of a QROPS article to write, "These schemes have become popular because of their simplicity" is utterly irresponsable. QROPS are far from simple and require detailed tax, residency and legal advice from qualified professionals, who understand the implications.Its shameful that the accepting jurisdictions take little or no interest in the advice being given, by the offshore advisors introudcing the business, the benefits being lost by transfering and the commissions being charged.

Posted by: Martyn

QROPS

A tranfer to a QROPS is anything but simple and speciailist advice from an authorised and regulated advisor with a UK pensions background should be taken. It is also important to use an adviser who has access to many diffenent providers and jurisdictions as one size does not fit all. Care must also be taken to use an adviser who explains the many "hidden" charges involved. If appropriate advise and care is taken then the benefits for an expat transfering to a QROPS should not be overlooked.

Posted by: RB

QROPS

Not sure there has been any tightening of the rules, more HMRC dealing with abuses. Be interested in seeing the notes between Guernsey and HMRC back in October 2008. I guess under freedom of information this may be possible. Was it really a cosy chat or was it HMRC pointing out that Guernsey QROPS had already given a written undertaking to HMRC to use 70% of funds to provide a lifetime income. Why would that need restating? Guernsey is undoubtedly a premier QROPS jurisdiction but hope the increased investment flexibility is not residential property etc! Great article from a singular Guernsey perspective but at an Independent advice level there are many complex issues, options and in these cases QROPS jurisdictions to consider.

Posted by: GAL

Australia

I've a UK client emigrating to Australia next year. He's been advised that Oz has a lower tax rate for pensions in payment but to get this the funds need to be in an Oz pension plan within 12 months of taking up residence and not, for example, in Guernsey. I'm not giving him advice on this but if this is true it could be a great way of IFA's making a blunder. Any comments from anyone which could help?

Posted by: Paul