Planning for the ideal lifestyle in retirement is not easy. For the 130,000 people that migrate from the UK each year, to live abroad, there are additional opportunities and problems to consider.
The main question is whether a migrating UK pension member should move their UK pension benefits with them.
Careful advice should be taken as whether the benefits available from the existing UK scheme are better for the individual as to those available from an overseas scheme.
By obtaining the correct QROPS advice, an individual could obtain that ideal retirement lifestyle.
A QROPS adviser would take into account all the necessary factors and advise accordingly.
The questions that a QROPS adviser would ask could include:
Do you intend to retire abroad?
Will you return to the UK to live at any point?
What type of UK scheme are you currently a member of?
What benefits does your UK scheme currently provide for you?
Does your current scheme levy any additional charges for transferring?
Do you have dependants?
Are there investments in your existing scheme that you would like to retain?
Is there an appropriate QROPS scheme, provided by your new employer, in your new country of residence?
What are the rules for retaining pension investment overseas in your new country of residence?
What level of tax is applied, in your new country of residence, to any pension benefits received?
Only when considering the answer to the above questions can a QROPS adviser deliver the most appropriate QROPS advice.
