QROPS potential for British expatriates


Leading financial experts have spoken highly of the strong benefits a QROPS gives to individuals who are currently living overseas, or who plan to move overseas in the near future.

British expatriates used to have limited options when it came to retirement planning and expat pensions, but in 2006 that all changed with the introduction of the QROPS (qualifying non-recognised overseas pension scheme). The option of an overseas expat pension is proving to be very attractive for Brits who have chosen to move abroad, the recent austerity measures introduced by the Coalition Government are also thought to be encouraging people who have yet to move abroad into seriously considering it, and a QROPS is useful for these individuals too as it can be utilised even if you haven’t left the country, but can show that you definitely will be.

Expat pension adviser Paul Davies said: “Overseas pensions is a huge marketplace full of potential. I think many people know someone who is looking to or has moved abroad from the UK. Also, in this financial climate, it is very interesting because a lot of people are getting disgruntled with this country and are looking to leave. The key thing was before 2006 you could only transfer your pension to the country you were migrating to. The moment HMRC decided that you didn’t have to transfer to the country you were moving to, that opens up a lot of opportunities.”

Visit our pensions and retirement planning section if you want to learn more about alternative retirement options that are available to you.