The Benefits of QROPS
Qualifying Recognised Overseas Pension Scheme or QROPS refers to an overseas pension scheme whereby UK residents can still benefit from their pension even though they’ve decided to move out of the country to retire somewhere else. There are various benefits to QROPS and even though they are subject to UK pension law, it can make life much easier for UK retirees in South Africa.
With QROPS you have a vast range of choices, as there are thousands of retirement pension plans available in more than 40 countries around the world. You can work with a financial advisor that can handle your specific financial needs, taking into account the specific country you are living in, as well as the tax rules that apply to you.
QROPS is a good choice for UK residents who do not plan to retire in their home country, but rather in other countries like South Africa. If you have been a non-UK tax resident for a number of years, you may be able to benefit from the QROPS provisions.
Furthermore, with QROPS there are various options in terms of investments, so you will have flexibility with your finances. This is a great benefit to have, as people typically wish to invest their money in various channels. Indeed, investment options are plenty with QROPS, and you will also be able to invest your lump sum in a way that suits you and your financial situation.
Here is a summary of QROPS:
• QROPS offers you greater flexibility and investment options
• You have the freedom to choose beneficiaries
• You have no obligation to purchase an annuity
• You can benefit from a lump sum withdrawal
• You will benefit from safe and properly governed jurisdictions
Carrick specialises in wealth management and can advise you further on the benefits of QROPS in South Africa. Contact us today for help with your financial investments, your retirement pension plans, and to make the most out of your hard-earned money.