QROPS are useful but are not the only answer

Despite QROPS being touted as the only solution, if you have left the UK permanently and have pension benefits in a UK Scheme that you have not accessed there are three main courses of action.

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• Leave the benefits where they are

• Switch to a QROPS

• Switch to a UK SIPP

In 2017 Her Majesty’s Revenue and Customs removed a number of advantages of transferring to a QROPS. For pensions that were transferred prior to April 6th 2017, most of those advantages are still applicable.

Post April 2017, a QROPS is still a useful option but for a narrower range of people depending upon their particular individual circumstances.

EFPG has written an article covering the subject in a little more detail (link) but to cover such an important issue as your pension, you should discuss the matter with a financial adviser who will provide you with appropriate advice rather than advising you on a QROPS.

If you would like to contact EFPG about the above or the article please click here and send us a message or call us during office hours.