Why Transfer UK Pensions into QROPS

Whatever your circumstances whether you are retired or still working it is important to seek all the advice you can.
Freeing UK pensions is not just for UK nationals, if you are from say Poland and contributed to a UK scheme you can also free the Pension. Isnt it about time you enquired, wouldn't you like to make this cash work better.
In April 2006, it was announced that British expatriates could move their pension benefits to a Qualifying Recognised Overseas Pension Scheme (QROPS) with the Revenue's approval. If structured in this way, transferring pension benefits via a QROPS can have huge benefits: Firstly, the individual can take 25% (30%) of their pension's value as a tax-free lump sum at any time after the age of 50 (this increases to 55 for any transfers which have not been completed by April 2010).
This is without the compulsion of purchasing an annuity. Annuities are extremely unpopular in the UK since they are extremely poor value and the income is taxed in the UK even if the individual is not resident there.
As there is no compulsion to purchase an annuity, the individual is free to do whatever they want with the released benefits. Some may choose to hold the money in a high interest offshore bank account which returns more than an annuity and is tax-free whilst they are resident outside Europe.
Others many choose to invest the cash in an offshore bond or capital protected offshore investment with the view of getting even better returns. Here they have access to an entire universe of funds that cover all asset classes and market sectors; this alone ensures the returns have every chance of outperforming UK based pensions.
Others may use the money to purchase a property with the rental income returning more than an annuity would and, hopefully there would be some capital gain as a bonus!
Using QROPS specialists that can free your UK Pension is just the beginning; they can also help by doing the research and finding the investment funds best suited to your circumstances.
Whilst not of benefit to the retiree during their living years the best benefit starts on the individuals' death, the entire value of the QROPS passes to their loved ones rather than in the Government or insurance group's pockets.
So now you can see there are many benefits to transferring UK pensions but they are not suitable for all, for this reason people should ensure they use qualified advisers that can avoid any potential obstacles

Article Source: http://www.mycontentbuilder.com

Penelope Keating contacted the pension transfer advisers at www.FreeUKPensions.info. For full details contact: freeukpensions.info/content.php?pagename=Over%20View

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