Expats, Must Take Note! 100% Cash From QROPS Absolutely Not!

If you are an Expat and you have worked at any time in the UK, then please read on. It does not matter how old you are. However if you intend to retire abroad it is very important that you take advice on your finances, particularly your existing UK pensions. I am saddened to still see expats falling over themselves to create a great big hole to fall into. Lots of Expats are taking up the option of a QROPS transfer. This is good as QROPS is an ideal solution given the right circumstances. The problem is that so many of you have just latched on to the; let's take all our money out in one lump now. Please read this bit carefully, and if you are, or know someone who has, or is, considering transferring to a QROPS to gain access to a large lump sum read on: To clarify you cannot take any cash from a QROPS until you are 55 years old. Was age 50 but that changed this year in April. Yes there are still brokers out there who are suggesting that you can get around this. But HMRC has already started to impose the tax penalty. If you take cash out now, sorry but you will eventually GET CAUGHT! And you will then have to pay 55% tax so it is not worth it. So be warned. If this is offered to you. Or you are offered a loan against your proposed QROPS and you are under 55 and have not been non resident in the UK for a full 5 tax years, run as fast as you can the other way. However if you intend to live and retire outside the UK, and want the opportunity to improve the benefits from your UK pensions then get advice now on transferring to a QROPS. If you do not know what a QROPS is but you are an Expat and you have worked at any time in the UK, and you intend to retire abroad it is very important that you take advice on this subject. QROPS is for a great number of expats the first step to a very comfortable future in retirement. Producing far greater returns and benefits than that afforded by their UK pension schemes. Don't just sit there, as the sooner you make the move the better. The site uses cookies. They allow us to recognize you and get information about your user experience.By continuing to browse the site, I agree to the use of cookies by the site owner in accordance with Cookie policy