If you are an expat who wants to move a UK and/or EU pension offshore into ORSO, QROPS, SIPP, QNUPS or EURBS, we will guide you on the easiest and most efficient way to save you money, receive a lump sum and achieve your financial goals.
Putting you in control of your pension in the UK and/or Europe
Our investment platform, together with our first class service, enables expats to stay in control of their UK and/or EU pension from anywhere in the world.
Transfer a single pension or combine multiple pensions into the easy to manage online account with complete control over how and where your pension is invested.
Invest your pension in direct Shares, Exchange Traded Funds (ETFs), Fixed Income Bonds, Unit Trusts, OEICs and Investment Trusts.
Every client has their own dedicated Account Manager to help you manage your pension with ease.
Complete control over the withdrawals from using flexi-access drawdown.
Simple & transparent fees
The fees for the account are completely transparent and enable you to keep more of your money.
At expatwealthatwork, we are passionate about what we do and helping clients obtain the best financial solutions to achieve their desired retirement lifestyle.
UK Pension Transfers - ROPS (formerly QROPS) & SIPPS
The UK Pension landscape has changed somewhat over recent years. Whilst there can be considerable benefits of moving your Defined Benefit or Defined Contribution pension, it is not something you should do without appropriate help from a professional pension planning advisor.
Some questions clients often ask us include:
- What am I likely to receive at retirement and is it enough?
- What taxes will I pay in my retirement location of choice?
- What happens to my pension on death?
- Is it better to hold my pension in a currency other than GBP?
- Can I take more control of the investment of my pensions?
- What is the difference between a SIPP and a ROPS / QROPS?
ORSO (Occupational Retirement Scheme Ordinance)
An ORSO pension is a Hong Kong based company pension scheme that is established by an employer for its employee(s). It is registered with and regulated by the Mandatory Provident Fund Schemes Authority (MPFA) in Hong Kong.
It is possible to build a scheme from just 1 employee upwards and we work with a range of trustees to design, build and manage a scheme that is appropriate for the both the business and employee's needs.
Having an ORSO scheme can often attract staff and can work as a retention benefit.
For owner managed companies there can also be some sensible and significant benefits.
EU Retirement Benefit Scheme / EURBS
EURBS stands for the European Union Retirement Benefits Scheme.
This is an overseas pension scheme into which certain EU pension rights can be transferred. The Schengen agreement of 1985 allows free movement of goods, persons, services and capital. As such, if you are from an EU member country and working in another country, you may be able to transfer your pension into an EURBS to mitigate tax. EURBS is a type of ROPS pension transfer for European nationals.
An EURBS pension scheme is a suitable tax efficient solution for people who have left or are leaving the EU country in which they have built up pension rights.
EURBS offer flexibility, tax efficiency, freedom of investment advantages as well as being able to pass the entire sum onto named beneficiaries upon death.
A Qualifying Non-UK Pension Scheme (QNUPS) is a pension scheme based outside the UK that qualifies for an exemption from UK Inheritance Tax (IHT).
QNUPS were created under the Inheritance Tax Regulations 2010, which became effective from 6th April 2010. They are open to UK tax residents, including those permanently residing in the UK, and overseas residents, including UK domiciled individuals.
In particular, QNUPS are an attractive additional retirement savings plan where individuals have reached the permitted limit of their domestic UK pension contributions. Therefore, UK resident individuals who have already used their annual and lifetime allowances, but who wish to make further provision for their retirement, might choose a QNUPS.
QNUPS may also provide attractive pension planning for non-UK resident and non-UK domiciled individuals who may decide to move to the UK, or UK expats who may wish to return to the UK in the future.
What Is A Pension Transfer?
You may have heard the term 'pension transfer', but may not be sure exactly what it means.
Simply put, a pension transfer involves switching providers to another pension provider that may be better suited to your individual objectives.
It could be that your current pension does not have access to any other currencies and you are concerned about the exchange rate into your local currency, or that you are looking to change the structure of your pension completely from a defined benefit/final salary pension to a personal pension.
Whatever the reason, it's always worth exploring if there's anything better out there.
Why Should I Consider A Pension Transfer?
UK and EU pensions rules are complex.
It may be that your current pension(s) tick all of the boxes, and are suitable for your objectives. If that's the case, then there's no need to transfer your pension.
The most important thing is comparing the market against your objectives to understand if there's anything more suitable.
With pension rules changing dramatically over the past few years and more relaxed rules on how you can take funds out of your pension, there's never been a better time to compare!
Ready to find out more?
Contact us and we will be in touch to understand how we can help!