The QROPS scheme is mainly availed by UK pensioners who plan to move overseas after retirement. It provides flexible options for investments and to maximize benefits.
The QROPS pension scheme has always been a better deal than any other pension plan and it is the primary option for people who are planning to settle abroad after their retirement and enjoy the privileges of the UK pension schemes. Many still hold the untrue fact that this scheme is designed for rich people who are finding ways to avoid paying taxes in the form of customs and revenues to the government.
The QROPS pension scheme is available to all but the expense of the fees ongoing for pension fund transfers is a deciding factor. For anyone requiring a pension fund transfer of less than 30,000 pounds the income benefits or gains received will fail to outweigh the cost of transfer. QROPS facilitates transfer of any kind of pension funds from the UK except the transfer of state pension funds.
QROPS does not work for residence country, financial worth or any other snobbish reason. Most of the people in the UK opt for QROPS pension simply because it provides better investment flexibility and multiple tax benefits. Thus, it opens up many avenues for holders of QROPS to get maximum benefits from current investments and to reap the benefits of gains in the future.
People who look for systematic retirement planning avail of QROPS pension plan, which enables them to compile various UK pension funds into a single QROPS. Providers of UK pension schemes do ambivalent publicity of this scheme of pension due to the loss they suffer from the benefits of this scheme available abroad. Most of these pension providers are SIPP scheme providers who draw the attention and wealth of the clients on the basis of self-managed and systematic fund options of the SIPP.
However QROPS Pension scheme is as beneficial as SIPP schemes. Both of these schemes have similar advantages like for instance self-management in the investments front. However, QROPS stands out in certain respects like providing tax advantages and avoiding the need to buy annuities. There are no risks involved in the transfer of QORPS overseas. QORPS can only get transferred after it has been approved and registered by the HM custom and revenue department. It cannot be simply transferred by fund advisors or managers. While opting for a QORPS transfer one should ensure that the advice on transfer related activities comes from independent regulated advisors.