Keni Posted September 30, 2009 Share Posted September 30, 2009 Can anyone tell me where I can get any information about transferring/have paid a pension in euros - I think the acronym (?) is something like QROPS? I know it is a recent thing that allows a pension to be paid directly into a euro bank. Where can I find simple information about this?Also, I have a friend who actually wants to retire to Cyprus and I am not sure whether this would help her. Is it only for a state pension or can a works pension be paid via this?If anyone can help I would be grateful. Link to comment Share on other sites More sharing options...
Bob T Posted September 30, 2009 Share Posted September 30, 2009 I just told my pension provider my French bank details and they pay it there. Link to comment Share on other sites More sharing options...
Keni Posted September 30, 2009 Author Share Posted September 30, 2009 Thanks Bob T - I am sure though this is something to do with taxing the pension - something about qualifications to pay less tax. Link to comment Share on other sites More sharing options...
gosub Posted September 30, 2009 Share Posted September 30, 2009 It is not intended for a state pension, that can easily be paid in euros into an overseas bank of your choice.Some info on QROPS or HERE Link to comment Share on other sites More sharing options...
Keni Posted September 30, 2009 Author Share Posted September 30, 2009 Thanks also Syntax I did not realise there were so many places with this information. All help is greatly appreciated. Link to comment Share on other sites More sharing options...
freddy Posted September 30, 2009 Share Posted September 30, 2009 You are, I think, getting two things mixed up. QROPS (Qualifying recognised overseas penison) is a scheme where you can have your entire pension fund i.e. the pension pot. transferred abroad - the recieving scheme has to be recognised by the UK government. I think what you want to do is just have your UK pension paid in Euros - your pension or annuity provider should be able to do this easily, they are used to it. If you really mean transfer (i.e. QROPS) this is big decision and should not be undertaken lightly you would need to do some serious research and take advice but be very wary as advisors may well recommend it for their own selfish, commsion based, reasons. This is only a viable options for private pensions anyway - I'm pretty sure you won't be able to transfer company, government or state pensions even if you wanted to. You may not even be able to transfer protected rights private pensions. For what its worth my (minimal) research would suggest that moving a pension fund to France is unlikely to be a good idea. There are no tax advantages and the whole industry is less well developed as private pensions are unusual in France. Link to comment Share on other sites More sharing options...
AnOther Posted September 30, 2009 Share Posted September 30, 2009 [quote user="freddy"]For what its worth my (minimal) research would suggest that moving a pension fund to France is unlikely to be a good idea.[/quote]There are most certainly can be advantages in transferring to a QROPS, principally that you would not be forced into buying an annuity and after 5 years, depending on the particulars of the scheme, the money can almost be yours to do what you like with and can also be passed on as part of your estate after death.The downside is that they can be expensive to set up and are generally not recommended for funds under £150k. Also I'm not sure if it is a reversible process so it is a commitment not to be entered into lightly or without sound financial advice. Link to comment Share on other sites More sharing options...
mint Posted October 1, 2009 Share Posted October 1, 2009 [quote user="AnOther"][quote user="freddy"]For what its worth my (minimal) research would suggest that moving a pension fund to France is unlikely to be a good idea.[/quote]There are most certainly can be advantages in transferring to a QROPS, principally that you would not be forced into buying an annuity and after 5 years, depending on the particulars of the scheme, the money can almost be yours to do what you like with and can also be passed on as part of your estate after death.The downside is that they can be expensive to set up and are generally not recommended for funds under £150k. Also I'm not sure if it is a reversible process so it is a commitment not to be entered into lightly or without sound financial advice.[/quote]Bonjour, Erns. You know, I can't believe you actually wrote that? And where, might I ask, would you find such a thing from a disinterested source? Link to comment Share on other sites More sharing options...
mint Posted October 1, 2009 Share Posted October 1, 2009 [quote user="AnOther"][quote user="freddy"]For what its worth my (minimal) research would suggest that moving a pension fund to France is unlikely to be a good idea.[/quote]There are most certainly can be advantages in transferring to a QROPS, principally that you would not be forced into buying an annuity and after 5 years, depending on the particulars of the scheme, the money can almost be yours to do what you like with and can also be passed on as part of your estate after death.The downside is that they can be expensive to set up and are generally not recommended for funds under £150k. Also I'm not sure if it is a reversible process so it is a commitment not to be entered into lightly or without sound financial advice.[/quote]Bonjour, Erns. You know, I can't believe you actually wrote that? And where, might I ask, would you find such a thing from a disinterested source? Link to comment Share on other sites More sharing options...
woolybanana Posted October 1, 2009 Share Posted October 1, 2009 You quivering with duplication, Sweets? Link to comment Share on other sites More sharing options...
AnOther Posted October 1, 2009 Share Posted October 1, 2009 Excellent question sweets, well worthy of duplication [:)]As to the answer, who knows [:'(]I tend to do my own research as much as possible then at least I have marginally smaller chance of being taken for a ride.What little contact I have had with financial advisers in France has not filled me with confidence, and I'm not talking exclusively French advisers either. On 'piddals' me about and the other would have had me 'belevin' everything they say without question.[;-)] Link to comment Share on other sites More sharing options...
cooperlola Posted October 1, 2009 Share Posted October 1, 2009 IIRC, Keni, yours is a railway pension. Talk to them and they will send you the form and set it up for you. You get a pretty reasonable rate. Link to comment Share on other sites More sharing options...
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