PPRuNe Forums - View Single Post - Question for them that's retired and live overseas.
Old 12th Sep 2011, 14:09
  #19 (permalink)  
Exascot
Registered User **
 
Join Date: Dec 2010
Location: Botswana & Greece
Age: 68
Posts: 940
Likes: 0
Received 0 Likes on 0 Posts
My RAF pension is paid direct into my bank account here in Greece. I asked my UK financial advisor about Qrops.

This was his reply:

Qrops (Qualifying Recognised Overseas Pension Schemes) are really for those who are not yet in receipt of their pension benefits. If you have a pension in the UK and move overseas you can now (subject to certain guidelines) transfer your pension to one in the country you move to, which may then be subject to less stringent rules than those of the UK, giving potentially more flexibility when taking benefits. As you are already receiving your pension benefits this is not really relevant. Your wife may not yet be receiving her RAF pension, but it will still be the wrong advice to transfer a quality final salary scheme away to a personal pension so again would not suggest any action be taken.

If it could be summed up in a one liner, the main advantage of these schemes is the ability to generally take a larger tax free lump sum than the 25% restriction under the UK pension rules.
Exascot is offline