Tuesday, 22 March 2011

Overseas Pension Transfers

For over 24 years Argent International Financial Services Group has been looking after expats (and soon to be expats) financial interests and advising upon QROPS (Qualified Recognised Overseas Pensions Schemes), which is the ability to transfer UK frozen pensions (including Private and Company Pensions) overseas when emigrating.
Argent provide a free of charge report on the benefits of overseas pension transfers (QROPS) to its clients for all jurisdictions throughout world and work closely with tax experts in many regions to do this.
Just two of the benefits of Overseas Pension Transfers
Don’t take your UK TAX burden with you.
As of April 2011 the UK Government increases Death Duty when you retire to 55%. What this means is once you retire and you have started drawing on your pension via an income drawdown plan, if you were to die the UK government would take 55% of your total pension fund savings as tax.

WHY? The government is trying to recoup the tax relief it has paid on your pension fund. The size of the tax charge simply reflects the generosity of the tax relief paid on your pension in the first place.

THE ANSWER: Transfer your pension into a Qualified Recognised Overseas Pension Scheme (QROPS) and UK Death Duty is removed 100% of the pension fund value is passed onto your spouse/heirs.

Don’t pay tax on your pension fund if you don’t need to.

PAYING TAX ON PENSION LEFT BEHIND The amount of Tax you will pay in retirement will depend on the Country in which you retire. If you leave your Pension in the UK and retire in your new Country of permanent residency you can still take 25% of the fund value tax free and the remaining fund will be subject to tax at your specified rate. THE ANSWER: Transfer your pension overseas into a QROPS and you can in many cases pay lower rates of tax on your pension (Cyprus 5%) and even receive it 100% Tax Free in some Countries including; Australia, New Zealand, Panama, Belize, Malaysia, Philippines, Turkey, Dubai, Abu Dhabi & United Arab Emirates.

For expert QROPS advice on overseas pension transfers go to http://www.qrops-advisers.com or call 01664 444625

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