In April 2006, in response to the large number of
UK citizens settling permanently overseas for their
retirement, UK Revenue & Customs outlined new rules
for Qualifying Recognised Overseas Pension Schemes
(QROPS). This has allowed many millions of pounds of
UK pension funds to be transferred to British people
living permanently in countries such as Australia,
New Zealand, Canada and South Africa, giving them
convenient, cost effective and tax efficient access to
their pension benefits.
Even British citizens living in locations that have no
pensions infrastructure have been able to benefit from
this system by using offshore QROPS based in the Channel
Islands, Isle of Man and Malta.
However, in the United States of America, the authorities
have always refused to allow incoming pension transfers.
For British people living in the USA, who intend to settle
there and make it their permanent home, this inability
to transfer UK pension funds has become a growing
Fortunately, the expert team at Alexander Beard has
worked long and hard to address this complex issue, and
we are now delighted to introduce AMVEST – the ultimate
pensions solution for UK expatriates living in the USA.