Discussion
I looked into this briefly a while back and was told that if the scheme is a QROPS it should not be subject to additional charges (currency costs aside). Can't say if that is 100% accurate as I didn't pursue it given I wanted to make AVCs and couldn't be sure of the HMRC's position on this.
As far as I know it should be a case of getting a transfer value statement and instructing the trustees to transfer to the new scheme.
As far as I know it should be a case of getting a transfer value statement and instructing the trustees to transfer to the new scheme.
Yeah I looked into this, hmrc has a list of approved overseas schemes. Basically you liquidate your local holdings and transfer them into the foreign approved scheme.
Same rules as a normal pension with lockin etc. qprops ensures foreign scheme complies etc.
However after 5 years there is no longer a requirement to report to hmrc, therefore you could transfer to another non qprops scheme etc at that point, or do whatever with it.
details are on hmrc site in a series of pdf's and advisories etc.
Same rules as a normal pension with lockin etc. qprops ensures foreign scheme complies etc.
However after 5 years there is no longer a requirement to report to hmrc, therefore you could transfer to another non qprops scheme etc at that point, or do whatever with it.
details are on hmrc site in a series of pdf's and advisories etc.
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