Reinventing yourself in retirement: are you ready for a QROPS?

Retirement can be a time for reinvention. Not only have you the time to devote to new pursuits, but you also have the money and the opportunity to do so.

While you are taking the opportunity to try new things, could your financial outlook benefit from a fresh approach?

Historically Brits are loyal to their financial institutions, but this may not be the best way to grow your retirement fund. Inertia is a common feeling among British savers, with the “if it aint broke don’t fix it” approach being commonplace.

But if you are about to start a new life elsewhere in the world, it could be worth exploring the options available for your pension.

Leaving your pension fund behind can have one significant disadvantage - you will have to may UK income tax on withdrawals. However, assuming that you select an approved foreign scheme, you could escape from the taxman by using a QROPS. And tax is not the advantage of having a QROPS: there could be benefits from the point of view of estate planning and getting early access to your money.

Qualifying Recognised Overseas Pension Schemes were “invented” by HMRC in 2006. Since they were introduced, thousands of UK pension scheme members have transferred their assets into schemes all over the world.

Despite their success, there are still hundreds of thousands of expats who continue to donate millions of pounds to the Treasury every week - for no reason other than they have not got around to looking into the alternatives.

It’s true that if you have a final salary scheme that can guarantee a safe income the transfer may not be worth the assuming the investment risk. However, there is no excuse for not investigating the possibility.

Whether you are hands on or hands off investor, there are QROPS out there to suit everyone. QROPS Adviser are a firm of leading financial experts who can give you free impartial advice on schemes all around the world.