Pension news for Britons living outside the UK

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For many years, British expatriates and those moving overseas have been faced with difficulties when dealing with UK pensions, as the pension is usually ‘trapped’ back in the UK. One of the main difficulties has been the tax treatment of UK pensions. Until now it has been virtually impossible to move a UK pension to an overseas pension without being forced to pay basic rate tax on the transfer.

On the 6th of April 2006, Her Majesty’s Revenue & Customs introduced new legislation on transferring frozen pension funds from the UK to overseas QROPS solutions.

QROPS stands for Qualifying Recognised Overseas Pension Scheme. This now means that those who are or will be non-UK residents can transfer their UK pension funds without tax deduction and ultimately draw them without UK tax liability.

The new legislation on QROPS is a breath of fresh air to thousands of expats around the globe, who during their time in the UK, may have been a member of a UK pension scheme, moved overseas and either lost or forgot about their UK pension. Put in very simple terms QROPS allows you to reclaim the pension money that would normally be stuck in the UK, transfer it to an offshore investment in your name and regain control.

You are simply taking your pension pot from a taxed environment to a tax free environment with better access, investment choice, growth, confidentiality and protection.

BRITCHAT have found what is now possibly the largest personal QROPS plan in the world, along with other alternatives, all fully registered and compliant for your protection and safety.

We believe a lot of expats are unaware of QROPS and the benefits it can bring. Any QROPS scheme must be fully approved by Her Majesty’s Revenue & Customs.

BRITCHAT can put you in touch with a FULLY REGULATED QROPS Advisor free of charge and with no obligation. They can tell you about the benefits and potential pitfalls, especifically appertaining to your particular situation.

They will arrange a basic assessment of your frozen pension scheme. This can be carried out by telephone, post or email, saving everyone time and money. A transfer value can then be obtained and a full assessment of your situation can be made by them, and a decision whether or not it is best to move your money to a QROPS.

For further information on how to benefit from this scheme you can:

Visit the website www.rescuemyukpension.com or send an email to enquiry@rescuemyukpension.com.