QROPS pensions that give tax-free cash to your family

QROPS pensions are all about saving tax, flexible investments and taking control of retirement planning - but one of the other major benefits is the ability to pass your wealth to your wife and family without paying tax.

Many expats and international workers with UK pension rights overlook the relationship benefits of QROPS pensions for families.

A UK pension is set up to cater for the pension holder - the person whose name is on the documents and who pockets the benefits.

Before reaching 75, the pension holder must buy an annuity or alternatively secured pension or face horrendous penalty tax and penalty charges clawing back up to 82% of the fund.

Annuities pay out as long as the pension holder is alive and then die with them as any underlying funds revert back to the annuity company.

Some people opt to buy a joint life annuity, but this generally pays out even worse than a single life plan.

The result is on the death of the pension holder, who is usually male, the wife or partner is left in financial hardship and the family fails to benefit from the pension fund, probably when they need the money the most.

QROPS pension do away with this problem.

Your QROPS Adviser consultant can set up a QROPS pension scheme for you that leaves no obligation to buy an annuity or alternative secured pension ever without any tax or penalty charges.

New rules passed in February 2010 mean that on the death of the pension holder, the fund can pass to family and loved ones without any liability to UK inheritance tax.

Of course, your QROPS Adviser consultant will make sure you take appropriate arrangements to minimise inheritance tax, if there is any, in the country where you live as well.

Passing on wealth with a QROPS pension makes no difference whether you are married to your partner or not - the transfer is all tied up with estate planning.

QROPS Adviser is experienced with dealing with QROPS pension transfers, but we also like to look after our customers and provide them with a QROPS solution that benefits their family as well.

Lots of financial firms can tell you the technical details about QROPS pensions, but QROPS Adviser is different because we look at the issues that matter to you and then find a pension solution that meets the needs of you and your family.