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Pension freedoms was announced last year 6th April by George Osbourne, which gave people more flexibility to take pension pots as they wish. Rather than buying an annuity, pensioners were able to choose from a number of options including; taking a 25% lump sum, taking an annuity, accessing UFPLS or taking 100% of their pension pot as a lump sum.
Final salary pensions also known as defined benefit schemes have been the talking point over recent years due to over 75% of them being underfunded. This means they don’t have enough money to pay retirees their pensions.
A lot of you may be wondering what the tax advantages are for a QROPS if you live in Europe. The way QROPS for European residents is taxed, has just become a hell of a lot better.
QROPS stands for Qualifying Recognised Overseas Pension Schemes which allows Expats living overseas to transfer their UK pensions to a more favourable tax jurisdiction.
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