I've been talking to a financial advisor about my ipcoming pensions. There is a scheme that lets you bundle up whatever pension 'pots' you have into a sngle fund and then invest it in a normal market fund. No annuity and no tax! Also, when you snuff it, the whole fund is passed on in your estate. There are rules of course and only expats can apply. Google QROPS.

Just done exactly that. Painless process and at last I feel I'm in control of my own destiny. Many pension providers charges are so high that they offset any gains you might make. They don't reduce their fees if they don't get returns either.  The worst of the bunch I had was 2.3% per year which was useless!

Even if you don't move to a QROPS you can still move to a SIP (Self invested Pension). QROPS is only really suitable when your pension pot is over a certain value. A SIP is more suitable if it doesn't reach this level.

Regarding pensions and investments, catalunya Insurance Services have a connection to an IFA company regulated under the FSA in the UK and they are happy to give advice on these matters. If required they will come to you to discuss your requirements. Ring Chris if you require any further information 0034 977092044.

I transferred my pensions to a QROP a few years ago and have had my fingers burnt. At the very least do no do it in conjunction with schemes regulated in Spain or Gibraltar as it doesn't seem to worth the paper it is written on.
Please feel free to contact me directly if you would like to know more.

Qualification period 5 years of non UK residency

http://www.ftadviser.com/2013/03/08/pensions/personal-pensions/the-pros-and-cons-of-qrops-qnups-for-clients-Wn4rFpE79KKo4qvKRl1gUI/article.html

http://www.ftadviser.com/2013/07/18/pensions/personal-pensions/pitfalls-with-qrops-qjPokXTS0P46e5fAauWdtJ/article.html

comments from the above article.

Richard Holmes

10:35 AM on 19/7/2013

I just wanted to pick up on a very important point. This article doesn't make it clear that QROPS are for UK pension holders who have already retired abroad or who are pretty sure that they will retire abroad. What I take from this article is that it seems to make the point that QROPS are right for transient expats who may do the rounds, work in a number of countries and who plan to return to the UK.

As a Financial Adviser who specializes in QROPS I am frequently contacted by this type of expat. They have often read somewhere, or been advised that just because they are offshore a QROPS is a great solution. This is not so, QROPS are for people who have or already reached retirement abroad or who aren't at retirement age yet but who fully intend to stay abroad and retire abroad.

There could be good reasons for wanting to transfer out of your existing UK pension/pension but QROPS are usually not the answer unless you are fully confident that you will retire abroad.

If you would like to find out more please contact me via my website www.QROPS-advice.com
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Richard Holmes

10:49 AM on 19/7/2013

I also agree with the gboal post. Anyone who had transferred their UK pension to a Guernsey QROPS does not have to transfer out. They can if they wish, but they may not need to. If in any doubt as to the suitability of a former QROPS pension in Guernsey you should contact a QROPS expert. Please see my website in my earlier post.
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gboal

10:54 AM on 19/7/2013

There are several reasons why an expat who returns to the UK could still be much better off with a QROPS. 1. Crystallisation in relation to lifetime allowance. 2. The fact that member payment charges only apply to the relevant transfer fund (and not to the growth overseas) - meaning a large reduction in the effective tax charge on death, and more flexibility in relation to drawdown on the non-RTF. Happy to discuss!

UK tax charges on payments made from a QROPS

Some UK tax charges can still apply to payments made from the overseas scheme if you:

    are UK resident when the payment is made
    were UK resident earlier in that tax year or in any of the five previous tax years

UK tax charges will apply to:

    any unauthorised payments made by the overseas scheme
    payment of a lump sum that would be taxed if paid from a UK registered pension scheme

If an unauthorised payment occurs because the QROPS invests in'taxable property' you'll be charged tax even if you haven't been a UK resident for more than six years before the investment was made.

The scheme manager of the QROPS should tell HMRC when they make a payment that would be taxable.

Unauthorised payments from pension pots

Technical guidance - UK tax charges that can apply to payments from a QROPS

Spain is NOT a good jurisdiction for QROPS

Spain does not recognise a trust structure, which is necessary to accept a UK pension. Therefore any potential transfer to a QROPS by a Spanish resident would take assets currently in held in trust, out of trust, with negative taxation consequences.

All kinda demonstrates that it's too complex for mere mortals... I wonder what effect the relaxation of UK rules on taking annuities will have? No doubt it will take a few years to filter through but perhaps the UK changes will make QROPS pointless in the long run.