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QROPSA SOLUTION TO ENABLE UK PENSION FUNDS TO BE TRANSFERRED TO OTHER JURISDICTIONS WITHOUT
A UK TAX CHARGE ON THE TRANSFER VALUE
THE QROPS OPPORTUNITY APPLIES TO:
ANYONE WHO HAS LEFT THE UK OR IS THINKING ABOUT LEAVING THE UK AND
HAS A PERSONAL OR COMPANY PENSION SCHEME IN THE UK
A QROPS IS ALSO AVAILABLE TO THOSE WHOSE PENSION IS IN DRAWDOWN PROVIDING NO ANNUITY HAS BEEN PURCHASED
QROPS:THE REQUIREMENTS
THE RECEIVING PLAN MUST:
BE a recognised overseas pension scheme and have an HMRC QROPS number
ENSURE at least 70% of the transfer fund will be used to provide an income for life
UNDERTAKE to notify HMRC of any payment in respect of a member for 10 years from the date of transfer
QROPSTHE BENEFITS
POTENTIAL TO AVOID THE 55%1 UK TAX CHARGE ON DEATH
POTENTIAL TO SAVE BETWEEN 20% AND 45% TAX ON PENSION INCOME
UP TO 30% PENSION COMMENCEMENT LUMP SUM
ELIMINATE THE LTA (LIFETIME ALLOWANCE)
GREATER CONTROL OVER WHERE THE PENSION FUND IS INVESTED
ABILITY TO INFLUENCE THE INVESTMENT STRATEGY FOR THE
PENSION FUND
PENSION FUND CAN BE PASSED TO BENEFICIARIES ON DEATH
SIMPLICITY – NUMEROUS PENSIONS CAN BE CONSOLIDATED INTO ONE
QROPS
CHOICE OF CURRENCY OPTIONS TO HELP MITIGATE EXCHANGE RATE RISK
FINANCIAL FLEXIBILITY
1. On 19 March 2014, the UK budget announced that the 55% rate is to change, but as yet the new rate is undecided. There will be no change prior to 6 April 2015.
THE KEY ATTRACTION OF A QROPS
A key attraction for those who have been non-UK resident for at least five full UK tax years is that the pension fund becomes subject to some of the laws of the relevant overseas jurisdiction. This means that by transferring their pension, the individual can potentially avoid possible punitive UK tax charges including income tax between 20% and 45%, and possible tax charges to the fund on death (a potential charge of 55%1 once the pension is in drawdown)
1. On 19 March 2014, the UK budget announced that the 55% rate is to change, but as yet the new rate is undecided. There will be no change prior to 6 April 2015.
WHY STM GROUP
EXPERTISE – as one of the first multi-jurisdictional providers, they are experts and pioneers in the QROPS field
TRANSPARENT – listed on the London Stock Exchange
Offer a COMPLETE TAILORED solution
Offer a MULTI-JURISDICTIONAL SOLUTION for optimal tax efficiency
Offer a FIXED FEE SOLUTION, with no hidden charges
SCALE – over 50 dedicated staff in Malta and Gibraltar to ensure the efficient processing of your pension transfer