Pension Transfers specialise in transferring pension funds from the UK to New Zealand, Australia and Canada. We have been helping people leaving the UK since 2000 and have regulated offices in all countries to ensure you receive effective advice and service. Our specialist service will ensure that you maximise the opportunities that are available to someone emigrating.
When you emigrate you will have 2 choices on your UK pensions (that are not in payment). These are:
Leave your pension in UK and receive benefits when you eventually retire.
Transfer your pension with you to the new country you are moving to.
In April 2006 it was announced that British expatriates could move their pension benefits to a Qualifying Recognised Overseas Pension Scheme (QROPS) with approval by HMRC in the UK. A QROPS is a pension scheme set up outside the UK that:
Is regulated as a pensions scheme in the country in which it was established.
Must be recognised for tax purposes in the country that the QROPS is established.
A QROPS scheme may however, while complying with the above, be established in a country that taxes pensions but at a minimal rate or even at 0%. In order to be an eligible scheme, the QROPS must be fully approved by HMRC.
Our UK office will produce FREE report that will investigate if you will benefit from a transfer. The report will also highlight pitfalls and aims to provide all the facts you will need to make an informed decision on your UK pensions.
Before transferring your UK pension, be sure to seek independent financial advice applicable to your individual circumstances, as transferring pensions is not for everyone. You should always look to use a company that is authorised and knows the rules in both countries, to ensure you receive the best advice and service.
If you do not arrange the transfer effectively you could face a tax penalty and lose some of the pension you have worked hard for.