Andrew Caddick can assist you to transfer your UK pension overseas, there will be no need to buy an annuity, you can pass your remaining fund to your loved ones after your death in addition to investment freedom.
A QROPS is a pension transfer scheme that is recognised and registered by HMRC. It has to meet certain conditions and standards that are equivalent to those of a UK pension. Most UK pension can be transferred into an overseas scheme.
ACCL can take you through the process step by step ensuring all positions are correct. UK Pension Schemes are heavily regulated and restrictions are imposed on how those schemes can operate.
For non UK residents (including non-UK nationals who have frozen pension benefits in the UK) and persons leaving the UK on a permanent basis, the transfer of their UK pension to a QROPS can permanently remove many of the restrictions that exist under UK legislation and be significantly more tax efficient.
QROPS pensions schemes enable considerable flexibility in the range of investments available. A transfer from a UK registered pension scheme to a QROPS is regarded as a "benefit crystallisation event", so the transfer must be tested against the individual member's lifetime allowance (LTA.) - more information can be obtained here.
Using a range of international investments. funds within a QROPS can grow with no UK tax deducted (depending on the investment chosen).
If the member is a non-UK tax resident, no UK income tax is deducted at source on pension income. By carefully selecting the jurisdiction for the pension, maximum advantage can be taken if Double Taxation Agreements (DTAs) are available.
A US QROPS must meet certain conditions and the client may have no involvement in the selection, management, or ownership of the pensions underlying investments. However most features are similar to a regular QROPS and the funds can be invested in a similar way. Thanks to the multi-currency options available from a QROPS, clients can have some or all of their pension payments in retirement paid in US Dollars, if they wish, to mitigate currency exchange rate risk.
As your life changes, so should your financial recommendations, this ensures relevance of position in a changing financial world.