QROPS UK Pension Advice | QROPS UK

If you are planning to move abroad, are already living in another country or looking to return to the UK after a period living overseas, you may be considering what to do with your pension. If you are faced with one of these changes in your personal circumstances, it is only natural that you will have questions and will considering your options when it comes to getting the most from your pension.

Whether you are leaving the UK or returning to the UK from another country, it is advisable to seek independent QROPS UK Pension advice to ensure you have an effective pension planning strategy in place. At PensionAdvice.org we can help you find a financial adviser that specialises in expat pension advice and QROPS UK pension advice.

All of our recommended expat pension advisers are experienced in QROPS UK pension advice for those leaving the UK and returning to the UK. The pension advisers we recommend are FCA approved and provide bespoke advice that is tailored to your unique circumstances. Depending on your circumstances, you are likely to have questions about transferring your UK pension into a QROPS to what you can do with your QROPS if you move back to the UK.

More and more Brits are deciding to pack their bags and relocate to warmer climates that offer a favourable lifestyle, cheaper cost of living and in some cases career progression. Aside from planning the logistics of the move, it is imperative that you consider your pension plan, how moving abroad could affect it and whether there is a more effective solution for your private and workplace pensions.

While you can leave your pensions as they are in the UK, it may not always be the most sensible option and could decrease the value of your pot once exchange rates and currency conversion costs have been factored in. A QROPS may be more beneficial to you, a financial adviser will be able to work with you to determine the best solution for you and provide QROPS UK pension advice. Benefits of transferring your UK pension to a QROPS include:

• Reduced tax liability
• Increased flexibility of pension income
• Greater tax efficiency
• No currency conversion costs
• Not affected by exchange rates

Before making any changes to your pension plan it is advisable to seek pension advice about transferring your UK pension to a QROPS to ensure you have the most effective pension planning strategy in place.

What Would Happen to my QROPS if I Moved Back to the UK?

When expats make the decision to move abroad, many of them plan for it to be a permanent move and some may not consider what will happen to their QROPS should they want to move back to the UK and whether it affect their pension pot. So, if you are currently living overseas but are considering moving back to the UK, you may be asking what can you do with your QROPS.

Seeking advice from an independent financial adviser is imperative and will help you to gain a clearer understanding of the different options available regarding your pension and will ensure that the most effective retirement planning strategies are in place for your personal circumstances.

While QROPS can be left as they are in the country you have been living and where they were set up, it may not be the most effective solution and transferring your QROPS to a UK based pension scheme such as a SIPP may be more beneficial. A financial adviser who specialises in QROPS UK pension advice will be able to recommend your best course of action.