QROPS (Overseas Pension)

Discussion in 'Finance, Property, Law' started by Arte_et_Marte, May 20, 2010.

Welcome to the Army Rumour Service, ARRSE

The UK's largest and busiest UNofficial military website.

The heart of the site is the forum area, including:

  1. Qualified Registered Overseas Pension Scheme

    I know what it is and the mechanisms behind it, so with all due respect I do not require any pointers to Google.

    I am qualified to start the ball rolling with regard to age and time served as an ex-pat.

    Advice regards talking to an IFA is taken as read.

    What I am after is other peoples actual experience with this scheme.

    Has anyone done this?

    I am shortly going to transfer my UK pension and I would be grateful for the following gen.

    Any company you would whole-heartedly recommend?

    Any company you would whole-heartedly keep the other end of a barge pole?

    Are there any major bear pits and nightmares I should be aware of?

    Or is the whole shebang a seamless dream?

    Much obliged in advance.
     
  2. Hi,
    I'm in the same boat. How did you make out Arte? Or did you just forget the whole thing...
     
  3. Where are you intending to send the QROPS?

    I think that is an important question, I'd rather not assume Ireland. Why do you want to take this course of action?

    BB
     
  4. No, not Ireland. I'm in Canada now. The rules are fairly straightforward. It's more who to use and how long they take to spark.

    The reason is simple. If I go tits up before Mrs OPPO she gets a huge chunk of the pension deducted. No plans to die for some time but as I won't be able to draw anything for several years, I want control of it.

    Move the money here and she gets it all. If we both self-destruct at the same time, the brats get it. Leaving it in the UK makes no sense and we have no control over what the next idiot government will do with my money being used to fund a bunch of wasters.

    Been out of the UK well over the 5 year rule, so it doesn't have to be in a locked in plan, which is useful in case of an absolute emergency.

    Apparently BMO Nesbitt Burns are the best crew with experience of this here. Hoping the exchange rate keeps clawing up the scale as well. The Pound was CDN$2.10 when I started looking at this. Right now its CDN$1.63.
     
  5. "The reason is simple. If I go tits up before Mrs OPPO she gets a huge chunk of the pension deducted. No plans to die for some time but as I won't be able to draw anything for several years, I want control of it. "

    Not sure of the rules wrt Canada, but the UK story is not as cut and dried as you paint. Depending on your personal situation, income drawdown might work for you. I should add now that I am an IFA.

    I'm away for a while so will not be much use but Google will probably be surprisingly useful.

    BB
     
  6. Thanks BB.

    I'm still very much in research mode but I don't think I can draw on the pension until I'm 60, which is a long way off. Having said that, the age isn't the issue, its the accessibility and also the fact that we can keeo 100% of whatever is left within the family rather than lising a percentage on my demise and the whole lot when Mrs OPPO kicks it.

    Should you get time, I can tell you more of the nuts and bolts of my situation by PM as I'm interested in the UK aspect of this, which I'm out of touch with.
     
  7. Where you live and where the pension is kept is not the same place. I'm just in the final stages of moving mine. I would recommend a Guernsey based pension, you dont have to pay local taxes on any payments or drawdowns. Did you get sorted?