Thanks for the video, really informative. I just have a follow up question, what alternatives do NHS or public sector employees have to transfer their pension abroad if it's not possible through QROPS?
Hi Maria. UK government public sector schemes are known as unfunded defined benefit pensions. As of 2015 the UK government banned transfers out of them unless it is to another defined benefit scheme. QROPS and International SIPPs are both ‘money purchase’ schemes and sadly there are no international alternatives.
Hi Ruben. At this time no Spanish institutions are set up for QROPS. The normal route is to use Malta as its in the EU and has a dual tax agreement with Spain (meaning no tax paid at source). The main QROPS providers are located there and many Spanish residents have transferred to Malta QROPS.
Thanks for the video, really informative. I just have a follow up question, what alternatives do NHS or public sector employees have to transfer their pension abroad if it's not possible through QROPS?
Hi Maria. UK government public sector schemes are known as unfunded defined benefit pensions. As of 2015 the UK government banned transfers out of them unless it is to another defined benefit scheme. QROPS and International SIPPs are both ‘money purchase’ schemes and sadly there are no international alternatives.
@@financespain664 thanks, highly appreciate your response
Thanks for making this video, I was wondering what to do with my UK pension in the future if I move to Spain as QROPS doesn’t apply there
Hi Ruben. At this time no Spanish institutions are set up for QROPS. The normal route is to use Malta as its in the EU and has a dual tax agreement with Spain (meaning no tax paid at source). The main QROPS providers are located there and many Spanish residents have transferred to Malta QROPS.
Could you provide a contact email?