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We've been consistently asked by our clients [http://myqrops.net/what-are-qrops "What are QROPS?"]. They are a UK HMRC accepted scheme used for individuals who hold a British pension plan and are preparing to moving abroad. The QROPS, or Qualifying Registered Overseas Pension Scheme, is a plan whereby individuals moves their pension plan abroad into a scheme which includes a number of financial gains and presents larger control to the individual.

The principal primary advantages of QROPS involve;

- Ability to manage your pension plan in a more tax effective way

- Lower running charges

- Significantly greater Investment Options

- Currency unpredictability is removed

The principal potential problems of QROPS;

An existing HMRC authorised QROPS scheme can be taken off off the recognized list without warning if the HMRC feels that it does not qualify laid down in UK regulation. When it comes to Guernsey, 310 out of a total of 313 schemes ended up being taken off in April.

There is the prospective that HMRC may respond retroactively against QROPS schemes which it has de-registered and the pension holder may very well be held to blame for taxes avoided. However this as of yet has not happened.

HOW QROPS WORK?

QROPS are registered with HMRC for you if you hold a British pension fund and are wanting to shift overseas and become exempt from UK taxes and regulations.

The company that operates the QROPS scheme needs to be authorized by HMRC and should be capable and taxed inside the country which it is operated from.

After you have been a UK non-resident in almost 10 years after setting up of your QROPS, which you has to be able to prove. Your QROPS Scheme should be able to stop notifying HMRC of your withdrawals from your scheme and will no longer be subject to UK pension laws.

As soon as the 10 year transition period have been completed you could then only be liable to the financial authorities where you are domiciled and where your QROPS Scheme is situated.

How to [http://myqrops.net/qrops-transfer transfer your QROPS]?

As a rule of thumb it should take around 2-3 months to transfer your pension plan into a QROPS. The operation is speeded up if you can in-cash your pension into cash. However this is not essential to do. You will find over almost 1000 HMRC recognized QROPS Schemes, so there ought to be a scheme which can meet your requirements.

Schemes are based from Australia and New Zealand to Malta and Gibraltar. It's important to note that your QROPS does not need take place in the same country that you are domiciled. However there may be taxation concerns which you might need to take under consideration with holding it in another country.

When I die what takes place with my [http://myqrops.net QROPS]?

All funds that are left in your QROPS when you die will be transferred onto your beneficiary's and fortunately are not subject to British inheritance taxes.

Vital when establishing a QROPS is that you take specialist advice. There are many times when a QROPS isn't suitable, and several times when they are. Please contact us here at http://myqrops.net for more info.