If you wish to set up an international personal retirement plan, please contact InterRetire.
Alternatively, a referral can be provided by InterRetire to professional advisors through out the world, familiar with the InterRetire Personal Retirement Plan.
A personal plan may be suitable for international mobile executives seeking to set up a portable international pension plan. The plan can be set up personally or by your employer
In addition, the InterRetire Personal Plan is available for employees leaving an International corporate plan seeking to retain their individual benefits in an international personal plan.
UK Pension Transfers
Since April, 2006, Her Majesty’s Revenue and Customs “HMRC”, has allowed individuals with UK Pension benefits who are no longer resident in the UK to transfer these benefits to a pension scheme outside the UK.
The new legislation has enabled pension schemes outside the UK to apply to HMRC for approval as a qualifying recognised overseas pension scheme or “QROPS”.
Once approval has been received, the pension scheme was then able to accept transfers from the UK pension schemes and individuals with accrued UK pensions could apply to have these transferred to a Qualifying Recognised Overseas Pension Scheme “QROPS”.
The InterRetire Qualifying Recognised Overseas Pension Scheme “QROPS” provides individuals leaving or intending to leave the UK the ability to transfer their UK pension benefits offshore.
The InterRetire QROPS is administered in Guernsey, Channel Islands by Carey Pensions and Benefits Limited a wholly owned subsidiary of the Carey Group (www.careygroup.gg).
Questions & Answers
- What is a QROPS Plan?
- How does a pension scheme qualify for QROPS status?
- What is the InterRetire QROPS?
- Who can subscribe to the InterRetire Plan?
- What are the advantages of the InterRetire Plan for you?
- What else should I know about the QROPS?
What is a QROPS Plan?
A Qualifying Recognised Overseas Pension Scheme “QROPS” provides individuals leaving or intending to leave the UK the ability to transfer their UK pension benefits offshore.
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How does a pension scheme qualify for QROPS status?
In order to receive and maintain approval from the UK, a scheme must fulfil the following criteria:
- It must be regulated in the country where it is established;
- It must be recognised for tax purposes in the country where it is established;
- It must be fully approved by HMRC
What is the InterRetire QROPS?
The InterRetire QROPS is a pension scheme written under a Guernsey law, Trust Deed to which individual applicants may subscribe by way of a Deed of Adhesion.
The InterRetire QROPS has received Guernsey income tax approval and is recognised by the HMRC as a QROPS and is open to both Guernsey residents and those residing elsewhere outside the UK and Jersey.
The InterRetire Plan is carefully designed to allow maximum flexibility within the appropriate pension rules.
TopWho can subscribe to the InterRetire Plan?
- Guernsey residents
- Individuals who have left the UK permanently
- Individuals who are in the process of leaving the UK permanently
What are the advantages of the InterRetire Plan for you?
UK pension schemes are heavily regulated and the authorities impose many restrictions on how those schemes can operate.
For expatriates, former UK residents and persons leaving the UK on a permanent basis, the transfer of their UK pension to a QROPS can, once a member has been non resident in the UK for more than 5 years, permanently remove many of the restrictions that exist under UK legislation and be tax efficient for some.
Where the member is not a Guernsey resident, assets will not be subject to Guernsey taxation.
Pension payments will be made without deduction of tax at source; however you may be liable to payment of tax on receipt of a pension in your country of residence.
At retirement you are able to take up to 25% of your fund as a tax free lump sum.
Unlike the UK, a Guernsey based scheme does not require an individual to purchase an annuity at retirement although it remains an option as an alternative you will be able to opt for a pension payable by draw down using your pension fund.
Benefits may (depending on the specific terms of the QROPS) be taken at any time from the age of 55 years (Effective 5th April, 2010).
Under current tax legislation, on the death of a member their pension fund may pass to their nominated beneficiaries without deduction of tax in Guernsey.
The InterRetire QROPS Plan offers a flexible range of investments and choice of currencies, with online member access to their accounts.
TopWhat else should I know about the QROPS?
Under current UK legislation, if members who have been resident in the UK at any time during the past five tax years receive a payment or deemed payment of benefits from the QROPS, then such payment must be reported to the UK authorities by the Trustee or Administrator of the Scheme.
After five years that requirement to report ceases.
Transfers can be made from most types of UK pension schemes providing the scheme allows a transfer, however it is not possible to transfer a UK State Pension into QROPS.
A transfer from a UK registered pension scheme to a QROPS is regarded as a “benefit crystallisation event” by HMRC so the transfer must be tested against the individual member’s lifetime allowance.
Specific financial and tax advice should be sought in this specialised area of pension planning.
Refer to your advisor for additional information or contact InterRetire at enquiries@interretire.com
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