We have recently been assisting clients in moving their British Pension to QROPS.
QROPS stands for Qualifying Recognised Offshore Pension Scheme.
A QROPS is an HMRC approved offshore pension scheme available to members of a British pension scheme who no longer live in the UK.
The two major benefits of using a QROPS are:
1. Capital is protected from pension schemes being wound up due to being underfunded
- One in three defined benefit schemes have been scrapped in the past decade
- 58 000 company schemes have been wound up according to the Occupational Pensions Regulatory Authority (OPRA)
- OPRA believes that 30 000 are under threat due to the growing funding crisis
2. Capital can be passed to beneficiaries as opposed to being lost to the fund
If you have worked in the UK or know somebody who has worked in the UK during their lifetime it’s worthwhile getting us to do some homework for you!
This exercise has yielded very surprising and pleasing results for many of our clients.
For more information or to speak to a specialist advisor, contact us – firstname.lastname@example.org or 011 768 1022