Having recently moved to Crete I need to sort out a private pension which I have not at present started to arrange.
I’ve seen a system called QROPS and wonder if anyone has taken advantage of this scheme and would be prepared to avail me of their knowledge.
Thankyou in anticipation.
Hi, I live in crete but work for a company based in athens that do QROPS.
It would be an advantage for you to do a QROPS as:
You will never have to but an annuity
If you have several pensions you can collate them
You can pass your remaining pension pot to your loved ones
You have investment freedom
You move out of the UK tax system.
If you want to contact me for more information just write me an email firstname.lastname@example.org. The manager of Athens also comes over once a month to meet his clients if you would like me to arrange a time for you to get any advice from him.
Everybody seems to think that you have to have lived overseas for 5 years but you dont have to. You can do it if its your first year here as long as you are have the intention to stay here for 5 years. :)
Hi Charlene. I have never heard of Qrops. Have lived here over 20 years and would really like to have a chat with you and find out some more info. It would take me forever to write every-thing down and confusing too so please could you let me have your phone number, preferably a land line. Many thanks.
Five Year Rule
The Five Year Rule is an important aspect of QROPS and needs careful consideration. The rule relates to the period of non-UK residency.
I agree with charlene about the five year period but the warning is still there. It was one of the reasons I opted not take up the QROPS option. I have friends who have gone the QROPS route (New Zealand) and they say no problems. Only one – in Spain, had serious difficulties (probably bad advice).
From the HMRC site:
Where a policyholder has been a non-UK resident for less than five full UK tax years, the QROPS provider must report to HMRC all payments made to the policyholder and the QROPS must act as if it is still a UK scheme.
After five full and complete UK tax years, the QROPS provider has no liability or requirement to send reports to HMRC and the QROPS then acts on the rules of the jurisdiction in which it operates.