Surge in QROPS enquiries
The number of people looking for QROPS advice has increased by 40% since the mini budget earlier this week, according to pensions provider, pensionoptions.org.
Between April 6, 2006 and April 5, 2008, more than 7000 pensions with a collective fund value of £0.5 billion were transferred from a UK based pension scheme into a QROPS. This means that investors are saving approx.£1 million a day in tax that they would have paid to HMRC.
QROPS allow UK pension savers more control over their retirement savings because their flexibility allows for investment in commodities and currencies, both of which are not available to a UK pension holder. The benefits to a person switching their pension into a QROPS can be significant and potentially allow UK pension holders to;
- Open a QROPS in a financial jurisdiction that has a lower charging structure than the UK thus improving the pension holders wealth.
- Avoid having to buy an annuity with their pension fund.
- Negate any inheritance tax liability for family members when the pension holder dies.
- Have their QROPS benefits paid in any major currency as this will avoid any negative fluctuations in exchange rate.
- Gain access to some of their pension fund monies today.
For more information please visit http://www.pensioncomparison.net
