QROPS Pension Transfer advisor forWaterstone Investment Associates
The list of QROPS pension transfer questions are updated on a regular basis.
Can I have access to any of the transfer money in my QROPS pension?
Is there a minimum amount required to transfer to a QROPS pension?
Am I able to transfer protected rights funds into a QROPS pension?
Can I transfer the assets without first liquidating them into cash?Once you have attained the age of 55 years, you can take a tax free lump sume betwin 25% and 30% of the total fund value dependent on your individual circumstances.
There are hundreds of QROPS pensions and numerous jurisdictions.
It is important to look at jurisdictions where, after the QROPS member has been non resident for five complete tax years, there is a significant improvement in the investment and benefit options available. For example, where there is no requirement to buy an annuity at any time. It is important to look for strong investor protection principles which are similar to those associated with the UK. Choice of jurisdiction paramount with regard to a USA resident.
There are no minimum amount required to transfer money from a UK pension plan to a QROPS, unless the QROPS itself sets these minimums. We have negotiated beneficial charging rates. This means we can offer a QROPS solutions starting with a £52,000 transfer value.
A transfer to a QROPS will be a Benefit Crystallisation Event and so will give rise to a tax charge if the amount transferred exceeds the individual’s unused lifetime allowance. This allowance, to which everyone is entitled, is GBP 1.85 million in the 20010/11 tax year. Thus before any transfer to a QROPS is finalised it is essential to check whether there is any possibility of this allowance being exceeded. If yes, then registration for an “enhanced protection” should be put in place before transferring to a QROPS. This is a straight forward process and removes any possibility of an attack on the transfer. OIIA specialist advisers will help you through the process the most efficient way possible.
YES - so long as the receiving QROPS is willing to accept it. Waterstone Investment Associates will make sure that you understand the implications associated with UK pensions legislation is being given up.
If your existing registered pension scheme is a SIPP or a SSAS then it may be possible to transfer the existing assets to the QROPS pension, if the receiving scheme administrators or trustees are willing to accept them.