powersmurf

Hi all,

I would like to get some advise from people in the know regarding QROPS and Dubai. I have been doing some research online and emailed a couple of FA's out there but they have not replied so thought I would post here.

My wife is considering taking a job in Dubai and with that we are exploring all options open to us. Whilst it appears I can transfer my Police pension to Dubai through a QROPS, my question is this:

If I transfer it, can I cash it out 100%? I get I will probably have to pay some sort of fee to the company but is this possible? I have been out of the UK for 19 months and have no intention of returning, ever.

Thanks

Meow

Dubai is not an approved pension jurisdiction so you cannot transfer a pension to the UAE. It is not possible to 'cash out' a QROPS - at least not without breaking the rules and being liable for a fine of 55%.

Changes that have been announced mean that people over 55 years may be able to take 100% from personal pensions (including SIPPs) from April 2015, but with tax payable. Final details still to be clarified.

It's a complex issue and you need advice from someone who fully understands the consequences. Caveat emptor!

powersmurf

Its trying to find someone with a suitable reputation that is a difficult part!!

So you transfer the pension abroad...once its transferred why would the UK care what you did with it?

BEVS

Useful link.

AppleMac

I am not a financial advisor but have transferred out through QROPS. The main selling points when I did it were the exemption from having to buy an annuity and the ability to take a larger lump sum out in cash - both these benefits seem to have been somewhat mitigated by the latest pension changes in the UK.

The one point that every advisor made when I did it was that it really was not a good deal from a tax perspective if you ever thought that you may be returning to the UK.

powersmurf

Can I ask where you transferred it to? Also how much of a lump sun did you take? Please PM me if you don't want to post here.

My situation is that the pension is just sitting in the UK and not doing anything. So I may as well transfer it and have it build on something, rather then just stay dormant.

I know I wont be returning to the UK any time soon so that is not an issue for me.

Meow

Well, there's me

powersmurf

From looking at your website it would appear I already emailed you and you didnt reply?! I also checked and had an auto response from your mailbox so the email was delivered.

Meow

I didn't see anything. You might be in spam/junk? I'll check.


Yes you were, probably because of the email provider you use, although you should have received an out of office response saying I was unable to reply for a few days. Reply now sent.

Rubydo

Hi there

Did you manage to sort out your QROPS queries? I am new to this site so it won't let me PM you

Laura