What are the Costs of a QROPS Pension Transfer?
Each QROPS Pension scheme has different costs. Some are extremely expensive, while others are very affordable but have severe restrictions. It really does depend on what you are looking for and the financial experience of your adviser. Many advisers only utilize one QROPS Scheme, when actually there are other options.
If you consider costs as a percentage of the UK Pension value, then the higher the pension value the lower the costs are as a percentage.
Generally, there are three costs:
Read more about the costs associated with a QROPS transfer.
When considering costs it is also important to factor in the taxation of your QROPS pension funds as an additional cost.
If you consider costs as a percentage of the UK Pension value, then the higher the pension value the lower the costs are as a percentage.
Generally, there are three costs:
- A fixed setup cost.
- An annual fund management cost.
- The underlying fund costs.
Read more about the costs associated with a QROPS transfer.
When considering costs it is also important to factor in the taxation of your QROPS pension funds as an additional cost.