Which Pension Is Right For You?

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Transfer Your UK Pension With Confidence

If you’re an expat with a UK pension scheme, it’s worthwhile exploring your options. You could transfer your funds into a Self Invested Personal Pension (SIPP) or a Qualifying Recognised Overseas Pension Scheme (QROPS). 

We’ve made them both simple to understand in our glossary:

What Is A SIPP?

Basically, it’s a DIY pension. You’re in control of what and where you invest, with a small number of limitations. It’s a very flexible option, but it does come with responsibility.

Because you’re in charge, you need to become aware of wise investment choices, or of course, you could build a relationship with someone who can offer you objective advice on good investments for you when it comes to your retirement plan. 

Investments that can be held in a SIPP include:

✓ Cash

✓ Gifts & Corporate Bonds

✓ Investment Trusts

✓ Commercial Property 

✓ Unit Trusts

✓ Open Ended Investment Companies

✓ Exchange Traded Funds


What Is A QROPS?

Essentially, a QROPS (Qualifying Recognised Overseas Pension Scheme) is an overseas retirement scheme. It’s recognised by HMRC as meeting standards and conditions equivalent to a UK pension. This means that as a British expat with a UK registered pension, you can transfer it offshore.

The scheme remains under UK pension rules for at least 5 tax full years of you being a non-resident. At this point, a QROPS gains more flexibility.

Key benefits of a QROPS:

✓ Tax efficiency

✓ Single vs multiple pensions

✓ Investment choices