QROPS Transfer
September 26, 2008
To be an approved QROPS, the provider has to demonstrate that members must have at least 70% of the fund transferred used to provide the individual member with a lifetime income. Therefore in practice a member can take up to 30% tax-free cash, as opposed to 25% from a UK scheme.
An interesting note is that the rules state 70% of the fund transferred. Therefore for a member transferring £500,000 to a QROPS today, 70% of this amount which is £350,000, must secure an income for life, not the pension fund at the time the benefits are payable.
Contact Qrops Adviser today to discuss your situation.
