The Pension Solutions Group

PSG QROPS

The freedom to move money within member states is enshrined in European law, so there are impressive advantages to be had by many with Qualifying Recognised Overseas Pensions Schemes (QROPS). You may not believe this though if you pay attention to the opinions readily offered by certain factions of the industry, thirsty for column space in the trade press.

The bottom line is this - there will always be a need amongst some investors to move their pension arrangements to another jurisdiction. Anyone can use QROPS to improve their position with better inheritance tax planning, pension growth and investment freedom.

What advisers need to be aware of is that this is a delicate area where accurate information and guidance from the provider is vital.

Utilising QROPS is yet another example of a highly specialised area of pensions where clients and advisers need to choose their experts wisely. He who shouts loudest isn’t necessarily the one you should be listening to.

A word of warning is well-placed here: where everyone seems to have their two pennyworth to add to the argument, opinions are built up and bandied about which are not backed up by any real expert understanding. Most of us have an opinion on the impact of indulging in the odd glass of red, but if push came to shove no doubt we’d listen to our own doctor’s advice based on their insightful understanding of our personal health. So it is with QROPS. The past, present and future contra-indications are what matters here, so talk to the doctor and avoid the temptation to check Wikipedia’s version.

What next?

If you want to cut through the waffle and ill-founded nonsense that seems to prevail on this subject and talk to some people that actually know what they are on about, then we invite professional advisers to get in touch and find out the truth about QROPS and whether such a transfer could be applied to your clients.