Chase Belgrave financial experts have recently released information about the QROPS pension transfer. The term QROPS has been all over financial news of late. Here are the basics of the QROPS- Qualifying Recognised Offshore Pension Scheme
Chase Belgrave state that a QROPS is simply an offshore pension scheme that complies with the rules and regulations outlined by HM Revenue & Customs. The QROPS needs to be based out of the UK, in an offshore jurisdiction, and the QROPS provider must comply with all HMRC requirements.
First of all, it must fall under the banner of an Overseas Pension Scheme (OPS). For this to occur, the product must be registered as a pension scheme, and it needs to be created overseas and regulated by the tax regime of the jurisdiction where it is based.
To obtain OPS classification, the QROPS must be regulated as a pension in the country where it was created. If this is not the case, then QROPS must be either based in an EU Member State, or also Norway, Iceland or Liechtenstein, or it must be ensured that a minimum of 70 percent of a member’s UK tax-relieved scheme funds will provide the lifetime income.
The QROPS is an effective international pension product for individuals who are retiring away from the UK as expats, which gives financial benefits and greater scope for wealth management, preservation and development.
Of course, there is more to learn about QROPS, check back for more information as it is released by Chase Belgrave.