Many NHS staff both former and current are now looking to Qualifying Recognised Overseas Pension Scheme (Qrops) as their best option for long term financial security and a comfortable retirement, before new legislation banning transfers for unfunded schemes overseas comes into effect from April 2015.
As from April 2015, The Armed Forces, civil service, NHS, firefighters, police and teachers will be banned from transferring their pensions to a scheme developed initially to allow expats living in another country to be closer to their savings and thus avoid UK tax and currency fluctuations.
With the uncertainty of more changes looming like a dark cloud over the UK pension market, combined with the fact that pensions are set to be locked into the UK permanently as of April 2015, it is understandable that expats are looking at QROPS as a way out of the UK.
Benefits of QROPS include:
-Tax free lump sums of up to 30% of your entire Pension Pot;
– Greater flexibility in the investing of your pension;
– Protected funds that are not subject to inheritance tax (currently 55%) or divorce judgements;
– Tailor-made schemes to fit with your circumstances;
– Potential for early retirement.
There is only five months before QROPS are no longer an option for NHS employees. Call us here at Pennick Blackwell, we will come to you for a free, no obligation fact find in order to establish your pension pot value and give you the options on how you can get the best out of it.
Prepare with Pennick Blackwell and minimise the risks to your money (and health!)