Comparison QROPS and UK Pensions
CASH LUMP SUM
UK Pension :- This is limited to a maximum of 25% of the value of your pension fund.
QROPS :- Can offer a much higher tax free cash lump sum.
TAX
UK Pension :-All income from a UK pension is taxed at source.
QROPS :- Can significantly reduce the amount of income tax, in some cases to zero.
ANNUITY
QROPS : No Need to EVER buy an annuity, this means the pension company does not keep your money when you die.
PENSION INCOME CHOICE
UK Pension :- Income draw-down (until 77th birthday) available but only in Sterling and normally subject to minimum pension pot of £100,000.
QROPS :- May allow flexible ‘income draw-down’ known as ‘unsecured pension income’ to continue after age 77, also allows you to alter amounts and currencies.
BIGGER LEGACY
UK Pension :- If you die with a UK pension scheme your spouse can get up to 2/3rds of the pension you would have received (dependent upon the scheme). If you both die your pension WILL die with you.
QROPS :- All of your pension passes to your nominated beneficiaries in full, free of UK Inheritance Tax, and not a bonus for the pension company or the tax man.
INHERITANCE TAX
UK Pension :- Any asset left upon death to your beneficiaries (except your spouse) will be subject to UK Inheritance Tax.
QROPS :- No UK Inheritance Tax charge upon death.
INVESTMENT FREEDOM
UK Pension :- Can be limited to the insurance companies choice of funds or an outsourcing of fund managers, you have no control of the pension fund.
QROPS :- You have greater investment freedom as you have full control of the investment choices as well as the currencies you wish to invest in. You may invest in onshore / offshore funds, fixed deposit rates, total diversification.
INCOME
UK Pension :- You are restricted to the amount of income and the currency received.
QROPS :- You may take an income of your choice, change your income at any time, take capital amounts at any time and in a currency of your choice.
PROTECTION AGAINST CREDITORS
UK Pension :- None...
QROPS :- Protection against possible future creditors. (Depending on the jurisdiction of the QROPS).
CONFIDENTIALITY
UK Pension :- None...
QROPS :- Protection against ex-spouses, business partners and creditors.
Contact us today for a FREE no obligation consultation to hear about what we can do for you, complete the form below. Alternatively send us an e-mail: info@the-qrops-specialist.com Remember, we do not have access to your pension fund either before, during or after the transfer! Qualified financial advisors are here to help you get the most out of your pension. We do not charge upfront fees.
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