Whether you have a frozen UK pension or you are looking to start saving for a safe and secure retirement, International Alliance Muscat, part of the deVere Group, can help.
Many expatriates, especially from UK, Scandinavia, Ireland and Germany, have frozen pensions which in majority are in deficit.
We provide a highly beneficial vehicle called QROPS (Qualifying Recognised Overseas Pension Scheme) which allows a frozen pension to be moved for deficit protection as well as being highly tax-efficient. If you have a frozen pension, it is essential that you are made aware of the new legislations in place.
Is a QROPS suitable for me?
If you have a UK pension, have left the UK, plan to leave, or are a resident but not UK domiciled, a QROPS is one of the most favourable pension schemes available to you. However, obtaining professional financial advice is a must to ensure that you do comply with the rules.
Why should I choose a QROPS?
QROPS give you more control over where your pension fund is invested, allows you to consolidate a number of pensions into one QROPS and does not require you to buy into an annuity.
Furthermore, the remaining fund is left to your beneficiaries without any deduction of UK tax upon death.
What are the key benefits of a QROPS through International Alliance Muscat?
• No need to buy an annuity
• Funds passed to beneficiaries in full after death: after completing 5 full tax years of non UK Tax residency, your pension will no longer be liable to UK income tax or death charges of up to 45%
• Flexible choice of currency your pension can be paid in
• Up to 30% pension commencement lump sum
• Secure jurisdictions
• Investment flexibility
• Transparent charges
• Greater investment freedom
• Succession planning
• Pensions can be consolidated in to one
• Free from UK lump sum death benefit charge
• Some jurisdiction allow your pension income to be paid gross
• If I am residing in Spain, which is the best QROPS jurisdiction for me?
To find out more about retirement planning, contact International Alliance Muscat today