Checking out a QROPS is one resolution you should keep

A sobering thought during the New Year celebrations is contemplation of retirement and making yet another resolution to beef up pension plans.

British expats or international workers who have built up pensions in the UK should make their resolution finding out about transferring their retirement funds in to a Qualifying Recognised Overseas Pension Scheme (QROPS).

Despite QROPS opening for business in 2006, many people who plan to retire abroad don’t know they could boost their pensions by consolidating their funds out of the UK system.

Not only can a QROPS put a pension fund outside the reach of the UK tax man, but also out of the hands of struggling company pension schemes. Switching to a QROPS can give you control over your own future, rather than leaving your money at the mercy of others.

Key QROPS benefits include eliminating the need to buy an annuity, as has a more flexible drawdown scheme and any remaining funds can pass to heirs on death clear of any UK inheritance tax.

A QROPS gives access to thousands of funds in any currency and share portfolios in international equities, as well as fixed-interest and index-linked securities, like OEICs, unit trusts, offshore funds, investment trusts, and commercial property.

For the best advice use QROPS Adviser who is part of a UK regulated independent financial advisor firm, QROPS Adviser can confirm previous experience in thousands of successful transfers, knowledge of cross border taxation and who can demonstrate a ‘whole of the market’ approach and not just recommendation of a narrow selection of QROPS firms.

This way, anyone planning a transfer can ensure they receive advice tailored to their personal financial circumstances and are not steered towards a less suitable product.

Once the switch between a UK pension and a QROPS is made, the QROPS is managed in the country where the scheme is based - and another advantage is the pension holder can live anywhere else except for the UK.

Investigating how a QROPS can change your retirement should be a resolution that you keep -  even if you let the others, like losing some weight or drinking less, slip.