Can Currency Fluctuations Affect my QROPS?
Many British expat pensioners living overseas are completely at the mercy of the international currency markets when it comes to their income if they have chosen to draw their pension in sterling. Turbulence on the international currency markets means that income can rise and fall drastically. Back in 2007, every pound received from a UK pension scheme would convert into 1.45 euros. After the crisis in the Eurozone, the rate dropped to as little as 1.03 euros to the pound sterling. Many UK expats found that their UK pension income was just not enough to cover their bills anymore.
One of the main benefits of a QROPS – Qualifying Recognised Overseas Pension Scheme – is that when it is set up, you can choose which currency you wish to receive payments in. This simple fact eliminates the risk of exchange rate fluctuations in one fell swoop, and can make an expat’s financial situation much more secure and predictable.
Over the years, our highly-rated experts have helped thousands of clients set up QROPS in many different countries around the globe. As we’re independent of any financial institutions and operate on a fee basis rather than taking a commission, you can be sure we’re giving you impartial advice and are not operating with any hidden agendas. We’re UK based, and work with clients around the world using the latest technology to conduct online meetings from our London base. Our clients are also very happy with our service; we’ve won many awards for our superior customer service.
Contact us today for a fee-free, initial meeting to discuss your QROPS options