QROPS company opens office in Prague.
QROPS provider, apensionloan.com have opened a new office in Prague that is dedicated to providing QROPS advice to expats and UK pension holders living abroad. QROPS stands for Qualifying Recognised Overseas Pension Scheme.
On the 6th of April 2006, HMRC introduced new legislation on transferring frozen pension funds from the UK to overseas QROPS solutions. This change means that those who are or will be non-UK residents can transfer their UK pension funds without any tax deduction and be able to draw them without UK tax liability.
Background to QROPS
For a number of years, British expatriates and those moving overseas have been faced with difficulties when trying to sort out their UK pensions, as the pension is usually stuck back in the UK. One of the main issues has been the tax treatment of UK pensions and until recently it has been virtually impossible to move a UK pension to an overseas pension without being forced to pay basic rate tax on the transfer. In some cases HMRC would also levy a staggering 55% tax liability on the clients.
The new legislation on QROPS comes a welcome relief to thousands of expats around the world who may have been a member of a UK pension scheme, moved abroad and either lost or forgot about their UK pension. The beauty of QROPS is that they allow you to reclaim the pension money that would normally be stuck in the UK, transfer it to an offshore investment in your name and regain control and of course, access to your fund.
If you are interested in discussing QROPS in more detail, then please visit the apensionloan.com website for more information.
