pension fund / qrops question
 

Hi all, I have received had a favourable CETV figure and I plan to transfer this and a small DC fund to a drawdown pension scheme to fund our early retirement at 55

Our aim ultimately is to emigrate to spain when i get to 55 (still a couple years to go)

My question is, can the CETV sum be transferred to a QRPOS while I am still resident here in the UK, before we emigrate or will that open us up to overseas transfer tax at 25%.

Re: pension fund / qrops question
 

No clue what a CETV is but from memory you cannot invest in a QROPS whilst UK tax resident.

In any case depending on individual circumstances there may be more tax efficient vehicles than QROPS in Spain so you really need to take proper professional advice.

Re: pension fund / qrops question
 

Hi, the CETV is the cash equivalent transfer value - basically its the figure that a pension scheme offers to buy you out of your final salary scheme (direct benefit pension)..

These are very favourable offers at the minute, with schemes offering 40 to 50 times times your yearly pension value.