QROPS

  • What does the 25% charge on QROPS transfers mean for your dream to move abroad?

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    In the Budget, the Chancellor Philip Hammond announced a 25% charge for people moving their pension abroad. If you’re planning to spend your retirement somewhere warmer and sunnier than the UK then the news may have worried you somewhat – will it end up stalling your dreams of life after work spent overseas? The charge will affect qualifying recogn...
  • UK Pension Rules

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    UK Pension Rules (or does it?) In the UK Budget handed down in March new rules relating to the transfer of UK Pensions were announced and subsequently legislated. The HMRC directive (stating UK pension transfers should only be made to the country in which the member resides) will now be enforced by new legislation introduced in the Finance Bill 201...
  • Alexander Beard France are pleased to announce the launch of €uvest

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    Following the success of their USA facing SIPP – AMVE$T - for US based Brits with pensions left behind in the UK with no cross border transfer options other than QROPS. A similar scenario now exists in France with most UK pension providers refusing to transfer funds to French PERPS because they believe that they do not meet the QROPS rules. In resp...
  • The post-Brexit period

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    The post-Brexit period could already be having implications, particularly as relate to Franco-British relations, in the form of pension fund transferability. Indeed, the English tax administration, HMRC, has just officially announced the withdrawal of French PERs [retirement savings schemes] from the list of QROPSs. Until now, PERs had been preappr...
  • Good news from the other side of the channel:

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    I am pleased to say that Alexander Beard (France) is out of the starting blocks and busily doing business. Obviously a significant part of 2016’s activities focussed upon establishing the legal and regulatory approvals for the launch of our French office in Lyon; since then the employee benefit side of the French office has secured our first two co...
  • Brits resident in the USA – QROPS pensions

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    You may or may not have heard of a QROPS but if you have a UK personal pension, as many ex-pat Brits do, this article may be of some interest to you. There is much uncertainty surrounding this subject for individuals that are now considered as US tax resident/citizens. Although this short article is by no means comprehensive, it will aim to make cl...
  • New tax threat to those moving a pension abroad

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    The new pension freedoms, which came into force on April 6th 2015, have highlighted a potential problem for UK nationals looking to emigrate abroad and take their pensions with them. Whilst the new pension freedoms create greater flexibility for those accessing their pensions, they do not allow access to pensions before the age of 55. This has caus...
  • Pension planning for Brits in the US – QROPS vs UK pensions.

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    By Philip Teague, Divisional Director - Expat and Emigration Division, Alexander Beard For a long time now, the appropriate use of QROPS for British expats who are resident in the US, has been in debate. Some see it as a credible solution whilst others say that the risks far outweigh the benefits. QROPS are a legitimate pension solution to a great...
  • The dangers of using QROPS for US residents and FATCA reporting

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    Qualifying Recognised Overseas Pension Schemes (QROPS) is a legitimate retirement planning tool for the majority of British expatriates. However, care needs to be taken when you are a US resident using a QROPS as there may be significant disadvantages. There is no structure in place to transfer a pension to the United States therefore those with UK...
  • Understanding QROPS in five easy steps

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      Step 1 - Know what QROPS stands for and what it means QROPS stands for Qualifying Recognised Overseas Pension Scheme and it refers to overseas pension schemes which meet HMRC requirements to receive a payment from a UK registered pension scheme without the individual having to pay tax on the transfer. A QROPS should be broadly similar to a U...