QROPS Transfer Advice
The Process of Transferring to a QROPS

Transferring a pension overseas will not be in the best interests for all, especially with the effect of legislation changes post 6th April. It is therefore important to clearly identify the key issues that affect you personally.

It is important that a fully informed choice is made, and for this to happen; an individual and their adviser needs to understand the following:

1)  Your personal circumstances and objectives, both in relation to your pension and your overall goals. These include:

Your age, the type and fund size of your UK pension, where you are resident, how long you have resided outside of the UK, where you are going to be resident in the future, do you have children, do you require additional flexibility, your health, where you would like to invest your pension funds, how do your overall assets affect what you need from your pension; what needs to you have for your pension and when?
Link to mini questionnaire

2)  Can a QROPS provide you with relevant benefits, which are over and above those available with your UK pension?

3)  Is there a QROPS location which is compatible with the country within which you reside, which will not put you in a more penal tax position; and that fully complies with both HMRC and local rules and regulations?

4)  What is the true financial cost of transferring?
This should not only include the cost of the new pension, but also advice and underlying investments.  

5)  What protection exists for you, both with regards to any advice provided; and within the QROPS and any investment products used?

6)  Who are you going to take advice from?

7)  Do you understand the evolution of QROPS, legislation changes that HMRC have made; and statements they have made which could impact upon future legislation?
QROPS Advice Process
A robust advice process should involve:

An initial discussion or meeting with a specialist, who can explain clearly and concisely your options and requirements.

You should obtain regulatory documents, including client agreements, business cards and fact finds; that clearly explain the ways in which advice can be paid for, as well as your rights for redress; and the protection that exists for you.

You should receive a report, based upon your fact find and all other correspondence with the adviser;  that compares all of the options available, clearly identifies the cost comparisons; including the total expenses of funds selected; documents all advice fees, and clearly states why a recommendation has been made.

Advice should not be dictated by commissions earned on funds that are not disclosed to you. Many commission paying funds are set up this way for a reason. It is unlikely that these funds would attract business if they did not pay a commission.

Advice from an FSA regulated QROPS specialist in the UK, will ensure all fees and commissions are disclosed, protection exists on the transfer out of an FSA regulated pension, that the adviser abides by “Treating Customers Fairly” principles; the adviser has the required qualifications required by the FSA; and the advice is based upon finding the most suitable solution for circumstances and objectives.

 

 
 
 

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QROPS Transfer Review
We work with a number of leading QROPS pension specialists, FSA regulated, with qualified and experienced advisors who adhere to the FSA's Treating Customers Fairly rules. They have agreed to offer a free analysis on the feasibility & cost effectiveness of a QROPS transfer, for your specific circumstances. To obtain your free review of the pros and cons of a QROPS pension transfer, simply complete the form below.

QROPS Transfer Analysis Request