Professional Management of Your Pension
Transferring Your Pension
The value in having a pension that works well is often underestimated. High charges, poor investment performance or simply a lack of service will all affect the way your pension performs. It is a dangerous mistake to set up a pension and forget about it until retirement.
Abacus Wealth can assist you in transferring your locally registered pension scheme and thereafter, oversee the management of your pension. As independent financial advisers, we are not tied to any agent or company, and will therefore assess the whole of the market to find which pension works best for you. We aim to keep costs low and then design an investment strategy that is in line with your objectives and attitude to risk.
What Abacus Wealth will try to achieve for you:
Designing a personalised investment strategy
Improving death benefits
Consideration of residency implications for those looking to retire abroad
For those who have moved over from the UK and plan to retire in Gibraltar, Abacus Wealth can offer international pension solutions (QROPS) that allow you to take your UK pensions with you.
There are many elements to consider before transferring your pension outside of the UK, so as part of our service, we conduct a detailed review of your existing arrangements before making any recommendation. We have no reason to recommend a transfer if we do not believe it is in your best interest.
What is QROPS?
A QROPS, (Qualifying Recognised Overseas Pension Scheme) is simply an overseas pension scheme that meets HM Revenue and Customs requirements to receive transfers from UK registered pension schemes. It allows for expats to simplify their retirement by taking their pensions abroad with them. The benefits in transferring to a QROPS are:
- Tax efficiency
- Pension consolidation
- Increased investment options
- Currency options
- Detach from the UK tax system
- Higher tax-free lump sum than 25% in prescribed circumstances
Transferring your UK pension to a QROPS is complicated and financial advice is essential when considering this given the UK tax penalties that may be levied when the transfer is not structured correctly. Talk to one of our UK qualified advisers to see whether a transfer to a QROPS can be beneficial to you.