With the amount of ‘noise’ that there is out there concerning QROPS, SIPPs and everything else to do with UK Pension Transfers, it is not surprising that many people, living and residing outside of the UK who are considering transferring their UK pension fund overseas, are finding the whole QROPS selection process bewildering. Questions abound such as; Who is the best QROPS adviser for 2023? Who is giving truly independent QROPS advice? What is the best QROPS scheme?
When considering a QROPS scheme, there are several factors to consider, such as the reputation and regulatory status of the provider, the fees and charges associated with the scheme, the investment options available, and the tax implications of the chosen jurisdiction.
When looking for a QROPS adviser, you may want to consider factors such as their qualifications, experience, reputation, and fees. You may also want to ask for references and speak to their previous clients to get a sense of their level of service. Regulations and rules around QROPS can vary by jurisdiction, so it’s important to work with an adviser who is familiar with the specific rules in your country of residence and the country where the QROPS is located.
It is also important to ensure that the QROPS scheme meets the UK’s HM Revenue and Customs (HMRC) requirements for recognition and that it is listed on the HMRC list of recognized overseas pension schemes.
Here at AES International, we offer fee-based QROPS Independent Advice where we act as impartial advisers on your UK Pension Transfer options, rather than QROPS salespeople eager to push a costly, commission based, QROPS ‘solution’ as tends to characterise the international QROPS advice market. If we do not think a transfer to QROPS or any other pension transfer is right for you, we will tell you that.
If you’re looking to speak with a QROPS expert, contact us today for a fee-free, no obligation, discussion concerning your UK pension transfer options.
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