This summer’s Brexit vote — with Britain leaving the EU — continues to produce waves of speculation, as investors and financial experts try and determine what comes next. The truth is that no one knows for sure. Qualifying Recognized Overseas Pension Schemes (QROPS), therefore, become a logical solution for expats in the U.S. looking to… continue reading »
Anyone who tells you that they know for certain how Brexit — Britain’s vote to exit the Eurozone — will impact pensions and Qualifying Recognized Overseas Pension Schemes (QROPS) is lying. Much is still unknown; reactions Friday included the pound going into freefall against the dollar and 10-year UK government borrowing costs sinking below 1… continue reading »
What is a Qualifying Recognized Overseas Pension Scheme? It includes a pension scheme overseas which meets specific requirements established by HMRC, or Her Majesty’s Revenue & Customs. A QROPS may obtain transfers of Pension Benefits in the UK without having to incur an unauthorized payment, as well as scheme sanction fee. This program launched on… continue reading »
The UK’s Department for Work and Pensions (DWP) has launched a new pension tracing website to help savers track down lost or forgotten retirement pots. Use this service to find contact details for: your own workplace or personal pension scheme someone else’s scheme if you have their permission This service can help you find a… continue reading »
Succession Planning Pension funds can be passed down to family members free of UK Inheritance Tax (IHT) and scheme charges on death at any age. If a member dies whilst being a member of a QROPS (and after being non- resident for 5 complete tax years) then no UK scheme charges are reportable to HMRC…. continue reading »