Brexit QROPS Dilemma For British Expats

Time to change concept

Expats have a Brexit pension dilemma as the clock ticks down to the UK leaving the European Union. No one really knows if Brexit will impact on Qualifying Recognised Overseas Pensions (QROPS) for expats.

QROPS were introduced in April 2006 to comply with EU freedom of movement for capital rules to let expats port their pensions as they moved around the bloc. Currently, if expats move their pensions to a QROPS in a European Economic Area (EEA) country, they do not pay the charge regardless of where they live in the EEA.

Currently, if expats move their pensions to a QROPS in a European Economic Area (EEA) country, they do not pay the charge regardless of where they live in the EEA.

The pensions come with features and benefits that exceed those offered by UK onshore pensions. These benefits include a tax-free lump sum of up to 30%, no lifetime allowance savings limit and payments in one of several local currencies.

Source Credit: iExpats (Investing Expatriates)
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