Offshore private pension transfers: growing clarity for QROPS | Bangkok Post: news

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Offshore private pension transfers: growing clarity for QROPS

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If you have ever worked in the UK, no matter what your nationality, you probably were enrolled in a private pension scheme to which your employer and maybe you made contributions. The UK government continues to tweak legislative changes affecting the expat's ability to move this pension offshore. On the surface, these changes appear to limit transfer options, but in reality they have strengthened the legal framework, offering expats continuing advantages. 

BACKGROUND

When you leave the UK your private pension fund remains valid and is frozen, or deferred, until you reach retirement age, when it will be paid to you. The income paid is taxable in the UK no matter where you are based in the world. Once you die, the pension may continue in the form of a spouse's pension if you are married; otherwise it will cease. When your spouse dies, all benefit payments end.

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