pension fund / qrops question
May 22nd 2021 | 6:16 am
#1
Thread Starter
Forum Regular
Joined: Feb 2021
Posts: 36
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%.
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%.
May 22nd 2021 | 9:27 pm
#2
BE Forum Addict
Joined: Jun 2017
Posts: 1,130
From: Alicante
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.
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.
Jun 3rd 2021 | 2:42 am
#3
Thread Starter
Forum Regular
Joined: Feb 2021
Posts: 36
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.
These are very favourable offers at the minute, with schemes offering 40 to 50 times times your yearly pension value.
