Sunday, 21 March 2010

Sunday, 21 March 2010

QROPS pensions

It is estimated that there are currently around 200,000 British expatriates living in France and most have a UK pension that is worth a considerable amount of thought and planning. In recent years the option has arisen to allow UK expatriates to transfer their UK pension into a QROPS fund, thereby allowing them to gain from the many benefits that come with having your pension transferred into a QROPS.
There are many types of pension that can be transferred which include personal and occupational pension schemes and this includes pensions that are in draw down (even if currently in payment) and protected rights can also be transferred.
It is often a great option to transfer your UK pension into a QROPS since UK pension schemes are not very flexible and there are many restrictions on when and how you draw down your benefits. The majority of expat pensioners in France are also forced to buy an annuity at age 75. Consequently this means that you cannot then leave any balance of your remaining pension fund to your heirs on death. However, if your pension is transferred into a QROPS this is something which becomes a possibility and is just one of the many benefits which makes relocating your pension into a QROPS something really worth considering.
You are not able to transfer a final salary pension, or a scheme if you have already purchased an annuity.
Our business partners (fully registered IFAs), with offices in Niort would be pleased to talk to you about your requirements. Please note that a fund of at least £100,000 is normally required to access this facility. Please contact us for further details.
Peter Elias (Agent Commercial)
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