I think you may have misunderstood my post. Once you move into QROPS it is no longer a government pension. It becomes a private, offshore, pension. The fund grew 16% last year. Historically that is about par for the course. It is totally free of UK taxation and is only subject to tax (if applicable) in the country in which it is drawn. In my case this is Malaysia and is totally tax free.
Get a transfer value from Glasgow, transfer the funds offshore and let QROPS do the rest.
I'm no expert but it does work. Just google QROPS and see for yourselves.
From google: Quote:
QROPS for UK Pensions
Qualifying Recognized Overseas Pension Scheme
QROPS is a new International Pension Scheme which was launched in April 2006. It allows for non-UK tax residents who are overseas and currently hold a UK pension which is registered with Her Majesty’s Revenue & Customs ("HMRC") to transfer these pension assets to a “Qualifying Recognized Overseas Pension Scheme” named QROPS.
A QROPS is structured in a similar manner to a UK pension, i.e. there is an investment vehicle which is owned on your behalf by a pension administrator (trustee). The difference arises where the pension administrator is based outside the UK and only reports back to HMRC, after the QROPS has been running for five years there will no longer be any obligation to report to the UK HMRC.
Benefits of converting to a QROPS
Potential for payments to be received without a deduction from the UK taxation department. (Individuals will be responsible for declaring the income in their own country of residence.)
Investments domiciled in any major convertible currency.
No requirement to purchase a compulsory UK annuity within QROPS.
Low minimums and no age restrictions on plan entry.
Fees based on a sliding scale.
Access to leading investment advice and managers.
Ability to hold unique investment vehicles.
Flexibility of choosing your own investment strategy.
Unquote:
Last edited by BANANASBANANAS; 11th Sep 2011 at 09:38.