Expatriate pensions
A Recognised Overseas Pension Scheme (ROPS), is a pension scheme created for expatriates by HM Revenue and Customs (HMRC).
ROPS is designed for expatriates who wish to transfer their UK pension to another jurisdiction without incurring charges and penalties. When, for example, they leave the UK to live abroad, or when a person born abroad has built up benefits in a UK pension scheme and decides to return to their home country to retire there.
Why switch your UK pension to a ROPS?
ROPS offers expatriates significant benefits over conventional UK schemes. Typically:
- 30% lump sum available on retirement
- Retirement from age of 50
- Flexible income drawdown rules
- No obligation to ever buy an annuity
- Avoiding the 55% UK death tax
- Consolidate pensions into one easy to manage fund
- Greater investment flexibility
- Currency of your choice
- Transparent charges
- Avoid further changes to UK tax and pensions legislation
ROPS does not have to be established in the new country of residence which offers greater choice and flexibility. The most appropriate choice of QROPS depends on the personal circumstances of the client. Marrying the client to the best scheme for their present and future requirements is where we come in.