Which QROPS - with who?
 

Hi everyone,

I've heard of the term QROPS and wondered if anyone has any experience of getting a QROPS?

<snip>

Is qrops worth taking out? I am definately moving abroad for over 5 years.

appreciate any advice.

many thanks

Re: Which QROPS - with who?
 

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Re: Which QROPS - with who?
 

i am not an IFA and cannot give you advice
however
have you tried going to Google and doing a search for QROPS
? ? ?
unless you are just trying to advertise on the forum

Re: Which QROPS - with who?
 

Hi,

I QROPS'd my pension last year just before the rules changed regarding the age (50 went to 55). Because of that, I was able to instantly take 25% tax free.

Once I have been out of UK for 5 tax years, I can take the remaining 75% tax free if I wish. I will certainly do this next April as I believe that I can make the pension work better for me as cash.

A lot of people talk about New Zealand being a good home for the money but the rules are changing there within the next 12 months - so be VERY careful!

Like others I am not an IFA nor involved in the financial market place but I certainly have experience of QROPS - it worked for me.

Re: Which QROPS - with who?
 

I do believe that after five years outside the UK, it is not compulsory for the UK tax man to be notified about your transaction, however as I see it not telling them does not make it legal, getting caught cashing the full amount out by the UK tax man I think will get you an 80 percent tax bill, be careful cashing in your full pension

Re: Which QROPS - with who?
 

No, I think you are mistaken (if I understand your post correctly).

After 5 tax years out side of UK (and you must be able to prove that you have submitted 5 tax returns elsewhere if asked), you are LEGALLY allowed to take 100% of your pension pot. This is the whole point of QROPS.

There are a number of basic criteria and the most obvious is theat the QROPS is a UK approved scheme.

The (up to) 80% tax bill is if you have abused the QROPS rules. For example, not waited the 5 years, not met the age criteria etc. etc.

Re: Which QROPS - with who?
 

Well I can only tell you the advice I have had from three advisors last week, I have been seriously looking into this as I feel I could manage my money better than the cowboys who have it now.

Wish I could get to the truth. Not sure if cashing in the full amount amounts to abuse since the Uk gave us a tax allowance when saving on them.

Like I said, three have warned me off cashing it in recently, and don't forget the 8 percent charge.

I really don't know for sure I have met many who have cashed in though and they seem happy, it is very very tempting.

Re: Which QROPS - with who?
 

Do a search (I'm sure you have done this already though) - it is clear that there is NOT a problem cashing in the total amount.

There is no 8% charge that I am aware of - each QROPS supplier levies there own charges and this is where the greatest confusion lies - they all charge different amounts. If I'm wrong, can you please clarify this 8% charge that you mention as my QROPS company is not aware of it.

Re: Which QROPS - with who?
 

I'm afraid I can't say if you are wrong or right, I can only tell you what I am told after digging around the advisers.

I was told the companies that will cash in a full fund are usually limited to Australia and it is they who charge about 8 percent it seems and the rules are changing very soon so full refunds will all end very soon, if we are going to do it we must act quickly.

It's not easy getting to the real truth as advisers want your money, and may over look a few truths that you don't think ask about, we need trusted advice.

Wish I knew for sure. Even not cashing the full amount in, you can get better returns with an offshore fund anyway, look at all options that may save you quite a few thousand pounds, and if you find out the "for sure" truth please keep me posted, I am very interested.

Re: Which QROPS - with who?
 

With respect that is nonsense and I challenge you to provide authoritative evidence to support any part of that statement.

Certain rogue advisers claim that taking 100% is possible, and typically charge 8% (or more) of the pot for their dubious advice, but that does not make it legitimate and if HMRC get wind of it they can tax the whole amount at 55% representing the maximum marginal rate of 40% plus a punitive tax of 15%.

In view of the rise in advisers purporting to be able to legally obtain 100% cash withdrawals from QROPS, commonly via so called 'unlocked NZ Superannuation schemes', HMRC are closely scrutinising the situation and any providers found in breach of both the spirit and qualifying rules for QROPS would likely have their status revoked and clients who have wrongfully benefited targeted for tax.

http://www.blevinsfranks.com/print_news.aspx?p=545

You might also find this thread from a different section an interesting read.

http://britishexpats.com/forum/showthread.php?p=9159002

Re: Which QROPS - with who?
 

pan para hoy, hambre para mañana:(

Re: Which QROPS - with who?
 

Great advice thanks, I wasn't far off, been in Hospital for 3 weeks my brains gone. Thanks

Re: Which QROPS - with who?
 

Hmmmm. I did my QROPS via Blevins and through New Zealand. I took 25% as I stated as soon as the fund was released from UK.

I have a contract to release the remaining capital next April.

I have confirmed with HMRC that there will not be a problem with this and no tax implications.

What more can I do?

Yes, the rules in NZ are changing, but for current investors there is no issue with the amended legislation.

Re: Which QROPS - with who?
 

I was just wondering why we havent heard anything from the OP in this

Re: Which QROPS - with who?
 

Hmmm. Hope it wasn't advertising;) ex-pat forums are often spammed by sellers of these schemes. Demonstrates how lucrative the commissions are from those high charges!