My pension fund is of substantial value. Are there any tax issues?

Consider registering for “enhanced protection”.

A transfer to a QROPS will be a Benefit Crystallisation Event and so will give rise to a tax charge if the amount transferred exceeds the individual’s unused lifetime allowance. This allowance, to which everyone is entitled, is GBP 1.6 million in the 2007/08 tax year. Thus before any transfer to a QROPS is finalised it is essential to check whether there is any possibility of this allowance being exceeded.

If yes, then registration for an “enhanced protection” should be put in place before transferring to a QROPS. This is a straight forward process and removes any possibility of an attack on the transfer.

QROPS Adviser is the leader in QROPS advice. Our specialist advisers will help you through the process the most efficient way possible. Complete the contact form here and we will contact you as a priority.