Transfer your pension funds to investment using QROPS
May 14th, 2008 by Manju
You can take advantage of the QROPS if you are retired after working in UK and eligible for UK pension plan. QROPS is an overseas pension scheme, which is devised by HMRC to benefit the retired non-UK residents. It is very similar to the UK pension plan but the pension administrator will be located out of UK and here comes the difference.
QROPS scheme allows you to exploit the investment opportunities offered by LOM in the country you live without loosing the benefits of UK pension plan. Once you have left the UK, you can transfer your pension funds to the country you live in provided the overseas scheme has the desired powers. Once you become a member of overseas scheme after leaving UK, you will be eligible for QROPS transfer. This scheme is open to all those who are eligible for UK pension plan, irrespective of their nationalities.
LOM QROPS provides effective tax planning opportunities where you can use the transferred funds to any type of investment policy you like. QROPS is based on an international contract and the income is subjected to the local taxation. After running the investment policy for five years in the present residential country, there is no need to report to HMRC in UK.Operating Offshore accounts made so easy by LOM.