| | | COMMERCIAL AND BUSINESS PROPERTY FOR SALE OR LEASE IN SPAIN | |
| |  | | WHAT CAN I DO WITH MY UK PENSION SCHEME? |
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Are you no longer a resident of the UK? Did you know that, subject to conditions, it is often possible to transfer your pension fund out of the UK to Guernsey (or other location) with significant potential benefits? These potential benefits include the ability to control investments, access income or capital without punitive UK tax consequences. Importantly, it is often possible to allow the transfer of the fund to future generations upon death.
How does it work?
HM Revenue and Customs (HMRC) allow non UK residents to transfer UK pension rights to an approved offshore scheme known as a Qualifying Recognized Overseas Pensions Schemes or “QROPS” for short. HMRC maintain a list of approved schemes that is updated twice a month. An important safeguard is that if the proposed pension transfer is to an unapproved scheme the transfer can not take place. The transfer to an approved scheme can take place as soon as the person becomes non-resident from the UK but it is important that they intend to remain non-resident for the foreseeable future. For someone who has been a non UK resident for less that five complete tax years the benefits provided under the new scheme will be similar to those provided under UK law. After that point in time everything changes.
Advantages of transferring a UK pension scheme
Regardless of when the transfer is made, as soon as the person has been non UK resident for a period of five complete tax years the onerous and rigid HMRC regulations relating to pensions fall away. As it is not necessary for the member to be a resident in the country to which the transfer takes place transfers can be made to tax friendly jurisdictions such as Guernsey or New Zealand. | 
| | To enquire regarding any of the services above please click on the CONTACT US button and type EXPAT PENSIONS in the SUBJECT line of your e-mail, this will ensure that your message and enquiry will be delivered directly to our inbox, you are also welcome to contact us by telephone to: (34) 966 881 185, Thank You. |
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