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QROPS


cerise

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Firstly, forgive me if this has been discussed on this forum before, but I haven't been able to find anything.

Anyway, I have only recently read the April 08 LF article by Jane Goodall, covering the subject of QROPS (qualifying recognised overseas pension schemes).

Has anybody out there looked into this? How would you go about finding a QROPS provider with official QROPS status meeting HMRC's rules?

 

many thanks

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Thanks Sunday Driver. Am new to this forum and see it is obvious now you've pointed it out.

Have read all the threads and also 'googled' it, but at the risk of seeming thick, am still unclear as to who to approach to find a QROPS provider. Do I start with UK insurance Co.pension scheme funds are with? Or do I contact someone here in France who could advise as to which provider would be best. eg. a French one or Channel Isles one etc? If the latter, who?

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QROPS are very serious business and you really must seek independant and professional advice.

The last person on the planet likely to give you the former will be the current holder of your pension funds and for the latter clearly someone well versed in French financial matters will be a sensible choice.

There are one or two well known large companies on the scene providing advice although personally I tend to prefer smaller outfits for a more personal touch.

Google 'French Financial Advisors QROPS'

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I found that THIS article gives a somewhat more balanced view of the pros and cons than many I have read.

Note that several articles claim that you must have been UK non resident for 5 years BEFORE you can transfer to a QROPS - this is a falsehood. Five years is the current period under which a QROPS remains under HMRC scrutiny for compliance with the rules governing them.

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  • 1 year later...
I took some advice from the Spectrum IFA Group and found them prompt and helpful.

I'd already pretty well decided that I was going to go for a QROPS and also an Assurance Vie into which I wanted to deposit some of the tax free lump sum I was taking so the advice I needed was to amplify my understanding of the schemes and which provider(s) to choose.

I will PM you further details as I'd rather not publish them in open forum.

Good luck

Ernie

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It will depend on what the individual schemes rules and trustees allow. In my own case in that circumstance I could transfer my money back to any UK company which would accept it, or continue with draw down from where it is and declare it for tax. Flexibility is a key attraction and benefit of a QROPS and although there are annual costs to bear (typically up to £1000/pa) the one thing you will never have to do is kiss goodbye to your money by being forced to purchase an annuity at age 75.

Sadly, in any case, you only get one bite of the tax free lump sum cherry [:(]

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