What is a QROPS Pension Transfer?
A QROPS Pension Transfer is a transfer of a UK Pension into any scheme that is considered by the HMRC as meeting the standards and conditions equivalent to a UK Pension. Generally, this pension scheme is in a jurisdiction other than the UK.
Each jurisdiction and country has different Pension requirements and restrictions, and you need to be extremely careful of these when transferring your UK Pension scheme. There is also the currency risk that you need to consider when transferring your UK Pension into a currency other than the GBP.
The best QROPS jurisdictions are in the Channel Islands, for a number of reasons. Firstly, they are independent, well regulated and are the securest financial jurisdictions in the world. Guernsey was recently rated the top financial jurisdiction in the world, ahead of the UK and the Isle of Man. They have a firm framework of legislation and practices in the financial services sector. Pension providers in the Channel Islands have worked closely with the HMRC to ensure continuity of QROPS.
If you choose Guernsey as a jurisdiction, it doesn’t matter where you move to in the world, or how often you may move. Your QROPS Pension will always remain in the neutral, politically stable offshore jurisdiction, denominated in GBP (or a currency of your choice).
Take a look at a comparison of the different QROPS Jurisdictions to help you evaluate the options you have with making a UK pension transfer.
Each jurisdiction and country has different Pension requirements and restrictions, and you need to be extremely careful of these when transferring your UK Pension scheme. There is also the currency risk that you need to consider when transferring your UK Pension into a currency other than the GBP.
The best QROPS jurisdictions are in the Channel Islands, for a number of reasons. Firstly, they are independent, well regulated and are the securest financial jurisdictions in the world. Guernsey was recently rated the top financial jurisdiction in the world, ahead of the UK and the Isle of Man. They have a firm framework of legislation and practices in the financial services sector. Pension providers in the Channel Islands have worked closely with the HMRC to ensure continuity of QROPS.
If you choose Guernsey as a jurisdiction, it doesn’t matter where you move to in the world, or how often you may move. Your QROPS Pension will always remain in the neutral, politically stable offshore jurisdiction, denominated in GBP (or a currency of your choice).
Take a look at a comparison of the different QROPS Jurisdictions to help you evaluate the options you have with making a UK pension transfer.