QROPS questions to ask when choosing a scheme?
For an individual moving abroad and looking to transfer their pension overseas, there are many QROPS questions that you should ask before making the switch.
There are almost 2,000 QROPS schemes and a vast range of options within each scheme and jurisdiction which will affect the decision on which QROPS you should choose.
In the first instance you should establish that you qualify to apply for a QROPS. Once you have confirmed this we recommend that you speak to a qualified financial adviser to establish the best offshore pension scheme for you.
Not all of these schemes are available for everyone to use and many of those available may not be suitable.
The QROPS questions you should be asked and should be asking of your financial adviser include:
- Your plans for retirement
- Whether you have any beneficiaries?
- What your attitude to risk is?
- What investment options are available in the scheme?
- What is the exchange rate on transfer?
- What is the tax regime in the country that the individual is moving to?
- What are the tax obligations in the country that the QROPS is based?
- Is the QROPS in a jurisdiction under investigation from HMRC?
- Transfer options from the QROPS. Can funds be transferred out?
If you have further QROPS Questions on transferring your pension overseas click here.