How do I go about a QROPS Pension Transfer?
The process of a QROPS Pension Transfer is a lengthy one, and one that you cannot do by yourself. You will need to be in contact with an authorised provider.
The first step of the process is to obtain a Pension Valuation, and the specific details of your pension plan. To do this you can complete a very simple form that provides authority to obtain a valuation. This form is completely safe, as it does not authorise for any transfers, but merely authorises the pension company to provide the information. The Pension Company will respond to this within 90 days.
Due to the fact that they are global and specialise in introducing clients to an accredited financial advisers wherever they are in the world, they will be able to introduce you to an adviser in your region/city, if you don't already know one.
The adviser will then obtain this information, and asses your specific situation and decide if it is in your best interests to utilise a QROPS Pension Transfer. If it is in your best interests, they will assist you to choose a jurisdiction, and setup the QROPS scheme/structure. Once this is complete, you can then discharge your existing pension and transfer the funds into the new structure.
90% of the time, it is in a client's best interest to transfer their UK Pension or "frozen" UK Pension to a QROPS. However, some of the defined benefit, or final salary schemes were set with higher interest rates, and it may not be advisable to transfer in this instance. This however, is something you will need to discuss with your accredited financial adviser.
The first step of the process is to obtain a Pension Valuation, and the specific details of your pension plan. To do this you can complete a very simple form that provides authority to obtain a valuation. This form is completely safe, as it does not authorise for any transfers, but merely authorises the pension company to provide the information. The Pension Company will respond to this within 90 days.
Due to the fact that they are global and specialise in introducing clients to an accredited financial advisers wherever they are in the world, they will be able to introduce you to an adviser in your region/city, if you don't already know one.
The adviser will then obtain this information, and asses your specific situation and decide if it is in your best interests to utilise a QROPS Pension Transfer. If it is in your best interests, they will assist you to choose a jurisdiction, and setup the QROPS scheme/structure. Once this is complete, you can then discharge your existing pension and transfer the funds into the new structure.
90% of the time, it is in a client's best interest to transfer their UK Pension or "frozen" UK Pension to a QROPS. However, some of the defined benefit, or final salary schemes were set with higher interest rates, and it may not be advisable to transfer in this instance. This however, is something you will need to discuss with your accredited financial adviser.
QROPS - Conclusion
If you have a UK Pension or "frozen" UK Pension and qualify for a QROPS Pension Transfer, it is important that you understand how it works, what are the pro's and especially, what are some of the costs and restrictions.
Most of this information is on the internet and if you spend a few evenings you should have a rudimentary knowledge. This article offers a high-level overview and is by no means comprehensive. Unfortunately, there are far too many sites with less information than this article on a QROPS Pension Transfer, and the only information they really provide is how to contact their adviser.
The site that we mentioned above (UK Pensions Advisor), that specialises in introducing clients around the world to a QROPS adviser, offers a wealth of knowledge, in an easy to understand and simple layout. They strive to be the most comprehensive QROPS Pension Transfer resource on the internet, and have either achieved this goal, or are extremely close.
Most of this information is on the internet and if you spend a few evenings you should have a rudimentary knowledge. This article offers a high-level overview and is by no means comprehensive. Unfortunately, there are far too many sites with less information than this article on a QROPS Pension Transfer, and the only information they really provide is how to contact their adviser.
The site that we mentioned above (UK Pensions Advisor), that specialises in introducing clients around the world to a QROPS adviser, offers a wealth of knowledge, in an easy to understand and simple layout. They strive to be the most comprehensive QROPS Pension Transfer resource on the internet, and have either achieved this goal, or are extremely close.
For those who have the time and inclination
to delve further into a QROPS Pension
Transfer, they have also offer a wealth of detailed information.