QROPS pensions solve annuity trap for retired couples
Married men who buy a single life annuity are likely to leave their widows struggling for cash to make ends meet should they die before their partner.
QROPS pensions can eliminate this problem for expat couples - even if they are not married.
Half of all married men buy a single life annuity at retirement that could leave their wives without any private pension income, according to a survey by YouGov for Standard Life.
Women are likely to live at least nine years longer than their husbands in retirement, says the Office of National Statistics, but the Standard Life survey revealed just over one-in-three women plan for funding long-term retirement in comparison to half of men.
The survey also disclosed women are less likely to have a personal pension.
Married couples are discouraged from buying joint life annuities because the rates of return are generally less than a single life plan.
Expat married couples have an option that can resolve issues of a poor paying annuity and the husband’s pension fund dying with him leaving the wife at risk of a much-reduced retirement income.
QROPS pensions offer expats enhanced benefits
Transferring a UK pension fund to a QROPS pension wipes out both problems at a stroke.
An offshore QROPS pension removes the pension saver’s obligation to buy an annuity and allows any remaining fund to pass to family and loved ones on the pension holder’s death.
These are just two of the enhanced benefits a QROPS pension offers expats retiring permanently outside the UK.
QROPS Adviser can explain offshore pension options to expats.
Contact one of our independent, professional consultants for a pension review that will show you how a QROPS pension can boost your retirement income.
QROPS Adviser is a long-established firm with a successful background in completing QROPS transfers for hundreds of clients worldwide.
As a financial firm of international standing, QROPS Adviser consultants can help with selecting the right QROPS pension on the HMRC QROPS list that is best suited to your financial circumstances.
QROPS pensions are available to expats leaving the UK for most countries - including the popular retirement destinations of France, Spain, Portugal and Italy.
