Request a Callback


What is a QROPS Scheme?

QROPS stands for Qualifying Recognized Overseas Pension Scheme and allows individuals to transfer their UK accrued pension into another jurisdiction when they reside abroad.

Defined benefit UK pensions have traditionanally been frozen when the holders retire overseas with little access to their money until retirement, which has traditionally been at the age of 65. This changed in April 2006 when HMRC changed regulations surrounding pensions, enabling holders to transfer their substantial funds to another country when they retire or reside to a different jurisdiction.

By transferring your pension into a QROPS scheme not only will you have more flexibility and options at retirement but you will also be able to receive a lump sum at retirement of up to 30%. You will also have the opportunity to pass on your pension fund at death on to your beneficiaries free of UK tax (after 5 years of non UK residency).

For a QROPS scheme to qualify, it must be legally recognized by HMRC and must meet the following criteria:

It must be recognized to HMRC for tax purposes- therefore, it must be open to residents of the country where it is based and there should be stable taxation laws in place The maximum lump sum should not exceed 30% as 70% should be left to provide an income for life. To draw your income you must be at least 50 years of age.

Benefits of transferring your pension into a QROPS Scheme

If you transfer your UK pension into a QROPS scheme based in another jurisdiction and you plan to reside abroad, then the benefits open to you will help you plan for your retirement with flexibility.

The major advantages of transferring your pension into a QROPS include:

Greater investment freedom with the flexibility of investing in a much wider range of funds and investments. he ability to pass on pension funds to your beneficiaries upon your death. Tax efficiency. Up to 30% of the funding being a lump sum. A flexible currency. Tax Planning opportunities.
If you choose to transfer your pension into a QROPS fund in another country, then you will have to weigh up all the political and currency risks that will affect the value of your pension in the future. You will need to find out whether the country you have retired to has a volatile currency, or political agendas, or whether there are more serious monetary risks within the economy.

You will also have to weigh up the declining solvency of most UK final salary schemes and review the potential taxation of your country of residence versus the taxation benefits of your QROPS jurisdiction.

Are you eligable for a QROPS Pension Transfer?

To be able to transfer your UK accrued pension to a QROPS scheme in another jurisdiction, you must be between the ages of 18 and 75 and have a substantial pension of at least £40,000 to transfer. You must also be planning to move overseas permanently or living in a foreign country.

HMRC rules state that changes to the QROPS scheme must be reported in the first ten full tax years of the transfer too and there could be potential UK tax charges in the first 5 years of non UK residency. Similarly, if you return back to the UK you will be subject to UK taxation

contact us for a no obligation meeting to see whether Qrops is right of you. Fully qualified and regulated advisers in most areas of Spain.

contact us for a no obligation meeting to see whether Qrops is right of you. Fully qualified and regulated advisers in most areas of Spain.


Investment Planning

Investing in international accounts is no longer the premise of the rich and famous; All expatriates living abroad can now enjoy more choices. Let our Wealth Managers manage your wealth and guide you towards making the best opportunity of financial success.


Inheritance Tax

With the laws changing in Spain regarding Inheritance Tax, contact us when you need advice.

Book your Investment Meeting Today


Do you already have a QROPS but not getting regular updates or performance reviews then contact us to provide that service.


Financial services in Spain

When you are living in another country the selection of a financial company and an Adviser can be difficult.

I have solved that for you. With over 20 years experience of living and working in Spain I have seen many come and go.

I have selected Independent Advisers with excellent pedigrees and over 25 years experience in the market place

They are fully regulated and correctly authorised to operate in Spain. They are regulated either by the Financial Services Commission (FSC) in Gibralter or the Malta Financial Services Authority. In addition they are licensed by the DGS the Spanish Regulatory Authority and the CMNV to operate across all Spanish Territories.

Importantly, because they are regulated they legally have to have Professional Indemnity Insurance in place covering clients up to £1.5 million so should any advice deemed to be inappropriate clients will be protected.

For many people living in Spain they are often concerned and worried about what they should or should not do regarding the legalities of living in Spain.

Many people have an overwhelming fear, but for many once they are informed of their legal obligations and the implications they are pleasantly surprised. 



Pension Review

Many clients, who have moved to Spain, still have pension funds in the UK. Even if QROPS are not right for you, you should still review your existing arrangements. If you have a pension fund in the UK, answer these simple questions:

Do you know what fund your pension monies are in?

The investment decisions may have been taken some time ago and things have changed, do they meet your needs now?

How much are you paying to the pension provider?

How much of your pension fund will the taxman take?

You may be invested in the stock market without knowing, and whilst your fund may be doing well today, it could fall substantially just before retirement leaving you with a much reduced income for the rest of your life.

If you are unsure on any of these points you should book a Pension Review meeting.

Book your Pension Review Meeting today.



Inheritance Tax

Many clients have been residing in Spain for some time and they often believe they no longer have a liability to the HMRC for Inheritance Tax.

How wrong they are, it is very difficult to lose your domicility in the UK. For many the realisation of this fact is very beneficial, not only giving them peace of mind but also vastly reducing their eventual beneficiaries liability to Tax.

Do you know how much your Spouse will pay in Spain and the UK?

Do you know how much your beneficiary will pay?

How much do you want to leave the taxmen in UK and Spain?

If you don't know the answers to these questions you may be surprised at your donation to the Tax Authorities.

Book your IHT Review meeting today.


Registered with the Dirección General de Seguros y Fondos de Pensiones C0437B54071360
Privacy Policy & Data Protection Statement • Copyright 2010 Jennifer Cunningham - All Rights Reserved