Finding the right QROPS pension advice
Looking for a QROPS pension advice is often like searching for a needle in a haystack.
Advisers who deal with the complexities of QROPS pensions are not in the Yellow Pages or likely to be found on the High Street.
Think of your local independent financial adviser in the same way you do of your family doctor.
Your doctor is likely to have a broad knowledge covering the day-to-day ailments that patients bring to the surgery, but if they need more specialist care, they are referred to a consultant.
A QROPS Adviser specialist is a consultant, following this analogy.
They have expert knowledge and specialist training in offshore issues.
Behind them is a team of researchers and professionals who have up-to-the-minute QROPS technical information from providers and the taxman.
A lot of firms make issue about where your QROPS adviser should be based - in the UK or in the country where your QROPS is established or where you intend to live.
Fail-safes to protect your QROPS pension cash
To be fair, this is a red herring. As long as your adviser is regulated and the QROPS provider is on the HM Revenue and Customs’ list, then you should have ample protection if something goes wrong.
Fail-safes are built in to the QROPS system to protect investor money.
- A UK pension provider cannot transfer any cash to a QROPS unless the firm running the scheme is on the HMRC QROPS list
- A firm cannot apply to go on the list unless the financial regulator in the country where the QROPS is based has approved the scheme
- A QROPS provider will not accept a transfer unless an independent financial adviser has reviewed the client’s retirement strategy and submitted a report recommending the provider’s scheme.
QROPS Adviser does not manage any QROPS funds, but our team of consultants are experts with whole-of-the-market access to more than 1,400 QROPS schemes in 48 countries worldwide.
Wherever you are in the world, one of our team is nearby, so if you are looking for QROPS pension advice, contact us now.
