With a projected 700,000 Brits now resident in the US it isn't surprising that we spend a lot of our time advising US residents how to get the most from their United Kingdom pensions. Additionally, several thousand US citizens have worked in Great Britain and would like to discover how they can maximise their United Kingdom pensions and make them as tax efficient as possible.
Transfer to a QROPS and Save Tax!
Without the required expertise transferring your United Kingdom Pension to the US regularly leads to excessive taxes being paid. By getting the right information from the start taxes can be kept to the absolute minimum and investment returns can be maximized.
Even if you have recently relocated to the States or know that you are going to do so but are still not a USA resident a QROPS can be a very efficient solution.
On the basis that the best guidance is received when you feel that you do not need it we strongly advise that you touch base with us prior to returning to the US, in this case we could have additional options that won't be available after taking up residence State side.
A QROPS may give you the following benefits
- Pay less revenue tax
- Pass on more of your pension to family and loved ones
- Greatly increase investment choice and returns
- More control over where your pension is invested and how you draw it
- Simplify by bringing together multiple pensions into one.
You may have more than one UK pension which can frequently create a cost of complexity that may reduce returns and increases costs. By consolidating the pensions that you have acquired in the Uk your pension pot typically becomes easier to manage and you can benefit from enhanced returns and reduce risk and costs.
Many pension holders find it hard to keep track of their pension funds and are not receiving any ongoing guidance as to where funds are invested, and if there are better options available and even if the funds have relevancy to their attitude to risk. People generally have different wishes so for most people it is smart to reduce exposure to stocks and shares as they get nearer to retirement. Having said that another pension holder could have adequate provision for income in retirement and would maybe like to differ drawing their pension and be more adventurous with their pension pot hoping to achieve higher anticipated returns. Regardless of what your situation and wishes their is a solution that is good for you.
Transfer to a QROPS and Save Tax!
Without the required expertise transferring your United Kingdom Pension to the US regularly leads to excessive taxes being paid. By getting the right information from the start taxes can be kept to the absolute minimum and investment returns can be maximized.
Even if you have recently relocated to the States or know that you are going to do so but are still not a USA resident a QROPS can be a very efficient solution.
On the basis that the best guidance is received when you feel that you do not need it we strongly advise that you touch base with us prior to returning to the US, in this case we could have additional options that won't be available after taking up residence State side.
A QROPS may give you the following benefits
- Pay less revenue tax
- Pass on more of your pension to family and loved ones
- Greatly increase investment choice and returns
- More control over where your pension is invested and how you draw it
- Simplify by bringing together multiple pensions into one.
You may have more than one UK pension which can frequently create a cost of complexity that may reduce returns and increases costs. By consolidating the pensions that you have acquired in the Uk your pension pot typically becomes easier to manage and you can benefit from enhanced returns and reduce risk and costs.
Many pension holders find it hard to keep track of their pension funds and are not receiving any ongoing guidance as to where funds are invested, and if there are better options available and even if the funds have relevancy to their attitude to risk. People generally have different wishes so for most people it is smart to reduce exposure to stocks and shares as they get nearer to retirement. Having said that another pension holder could have adequate provision for income in retirement and would maybe like to differ drawing their pension and be more adventurous with their pension pot hoping to achieve higher anticipated returns. Regardless of what your situation and wishes their is a solution that is good for you.
About the Author:
We are a firm of independent financial advisors who specialize in advising on UK pension transfers. After we have a good understanding of the client's situation and needs we then find the most acceptable QROPS solution and complete the transferring of the UK pension/pensions to a QROPS Scheme, if required and usually we carry on providing continuing investment information for our pension clients to ensure they maximise returns and minimise risk.
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