ReleaseWire Connect

Have you got a UK pension of £200,000 or more? The amount of cash lump sum you receive in retirement might be cut to £36,000 Instead of £50,000 under newly proposed pension rules in the UK.

British expats living in Yemen or wishing to retire in Yemen or abroad can now transfer their pension into a QROPS Yemen to maximize pension tax relief. British expats living or working in Yemen can take advantage of their offshore status and transfer their UK pension offshore to somewhere secure like the Gibraltar and will no longer have to pay UK taxes on their pension if they stay offshore. Any Yemenis who have worked in the UK can also move to a QROPS

Many people don’t realize the increased pension income you can receive under a QROPS Vs SIPP in the UK. For British expats who are living abroad, you can now get an increased pension through a transfer to a QROPS. The focus of QROPS pension transfers for British expats has primarily been estate planning as a UK pension transfer to a QROPS avoids the 55% tax upon death that the UK imposes on private pensions once taking benefits. You also avoid UK income taxes of up to 50%. But, one of the other main benefits of a QROPS pension transfer is the ability to draw a higher income than would be available under UK pension rules. QROPS and SIPP Pension Income Differences. What Pension Income Would I Receive at Retirement?

British expats living in Vietnam or wishing to retire in Vietnam can now transfer their pension into a QROPS Vietnam to maximize pension tax relief. Britsh expats living or working in Vietnam can take advantage of their offshore status and transfer their UK pension offshore to somewhere secure like Gibraltar and will no longer have to pay UK taxes on their pension if they stay offshore.

British expats living in Zimbabwe or wishing to retire in Zimbabwe can now transfer their pension into a QROPS Zimbabwe to maximize pension tax relief. British expats living or working in Zimbabwe can take advantage of their offshore status and transfer their UK pension offshore to somewhere secure like the Gibraltar or New Zealand and will no longer have to pay UK taxes on their pension as long as they stay offshore. Zimbabweans who have worked in the UK can also transfer to a QROPS Zimbabwe if they have built up a substantial pension in the UK.

British expats living in Ireland or who want to retire in Ireland as well as Irish residents can now engage in a QROPS Ireland pension transfer to maximize reduce taxation in their home countries.

Iraqis who have built up a substantial pension in the UK as well as British expats in Iraq can now transfer their pension offshore to somewhere like Gibraltar or New Zealand to avoid paying UK taxes. Your UK pension can be transferred to a QROPS in Gibraltar or a QROPS in New Zealand to avoid the 55% tax upon death in the UK and UK income taxes of up to 50%.

If you no longer live in the UK and you are non-resident for tax purposes and are in the Armed Forces Pension Scheme (AFPS) then you can transfer your pension into a Qualifying Recognized Overseas Pension Scheme (QROPS) in order to avoid paying taxes on your pension in the UK.

Both British expats in Indonesia and Indonesians who have worked in the UK can now avoid UK taxes though a transfer to a QROPS Indonesia. You may not know that you get taxed 55% upon death in the UK whilst drawing your private pension and also face UK income taxes of between 0% and 55%. A transfer to a QROPS in Gibraltar or New Zealand would avoid UK taxation.

British expats living in India or wishing to retire in India can now transfer their pension into a QROPS India to maximize pension tax relief. Also, any Indian born residents in the UK who move back to India can also transfer their pensions and avoid UK income taxes in the UK.