Hi Cameron, thanks very much for all these videos, very useful! Broadly speaking, is it possible to transfer pension from Uk into a Malta Qrop and then to France? The French PERP has been removed from the QROP list in 2017 and I am going back to France. Trying to get my UK pension in France…
What you have said is correct. But why would you need to transfer your UK pension back to France? You can use an International SIPP (which you can hold EUR) and have a far broader range of underlying funds from all over the world including France. As a QROPS is also far more expensive then a SIPP, so unless your pension is approaching Life Time Allowance (LTA) of £1.073M a QROPS offers very little advantages and just more costs and complexity. What is the rough value of your UK pension? Is it a DC or DB pension? Feel free to email me if prefer to share information there: dominic.murray@cjfinance.co.uk 📧
Would love a video of qrops specifics - can I trade individual stocks - do I have to be living outside the UK to open one, or by when do I have to relocate (eg currently in uk but I know as an EU citizen I will retire somewhere in EU) - I read somewhere that I have to wait 5-10 years before I can access the qrops Etc
You gotcha Paul 👌 I have a new shoot day scheduled on Wednesday so will make this too if the list. Plus minus few weeks for editing and we will get it live 🎥 To answer briefly: 1. Trading individual stocks of inside a QROPS is not common but is indeed possible. UK stocks easier than US stocks. For compliance reasons, as it has been a UK pension asset, we would just likely need to have on file some form of investment experience for yourself. Purchasing individual stocks, would also have to match up with your risk profile. As purchasing individual stocks, unless you are purchasing a spread of sectors, may not provide a sufficient the level of diversification. 2. You do not need to be living outside of the UK in order to utilise a QROPS. This grey area, was in fact clarified following Brexit, when the UK government made it clear that UK residence, and also Gibraltar residents, could utilise QROPS. Certain advantages of a QROPS, will not be available to you though as a UK resident. 3. This is where QROPS start to become a very technical piece of advice. You are indeed correct, that some advantages of QROPS, would require you to wait a period of 5 to 10 years. These rules have been put in place, to effectively avoid people gain in the UK system, and possibly trying to avoid income tax or other taxes on the UK pension assets. Does this answer your questions Paul? Any follow up questions? Also is your UK pension asset DC or DB? As this can also make a difference regarding ongoing oversight. Finally, what is the rough value of your UK pension asset(s)? Feel free to respond here or your can WhatsApp me on 07870817830 or email me on dominic@cjfinance.co.uk if prefer to share there. Regards Dominic James Murray
Hi Cameron, thanks very much for all these videos, very useful! Broadly speaking, is it possible to transfer pension from Uk into a Malta Qrop and then to France? The French PERP has been removed from the QROP list in 2017 and I am going back to France. Trying to get my UK pension in France…
What you have said is correct.
But why would you need to transfer your UK pension back to France? You can use an International SIPP (which you can hold EUR) and have a far broader range of underlying funds from all over the world including France.
As a QROPS is also far more expensive then a SIPP, so unless your pension is approaching Life Time Allowance (LTA) of £1.073M a QROPS offers very little advantages and just more costs and complexity.
What is the rough value of your UK pension? Is it a DC or DB pension?
Feel free to email me if prefer to share information there: dominic.murray@cjfinance.co.uk 📧
Would love a video of qrops specifics
- can I trade individual stocks
- do I have to be living outside the UK to open one, or by when do I have to relocate (eg currently in uk but I know as an EU citizen I will retire somewhere in EU)
- I read somewhere that I have to wait 5-10 years before I can access the qrops
Etc
You gotcha Paul 👌
I have a new shoot day scheduled on Wednesday so will make this too if the list. Plus minus few weeks for editing and we will get it live 🎥
To answer briefly:
1. Trading individual stocks of inside a QROPS is not common but is indeed possible. UK stocks easier than US stocks. For compliance reasons, as it has been a UK pension asset, we would just likely need to have on file some form of investment experience for yourself. Purchasing individual stocks, would also have to match up with your risk profile. As purchasing individual stocks, unless you are purchasing a spread of sectors, may not provide a sufficient the level of diversification.
2. You do not need to be living outside of the UK in order to utilise a QROPS. This grey area, was in fact clarified following Brexit, when the UK government made it clear that UK residence, and also Gibraltar residents, could utilise QROPS. Certain advantages of a QROPS, will not be available to you though as a UK resident.
3. This is where QROPS start to become a very technical piece of advice. You are indeed correct, that some advantages of QROPS, would require you to wait a period of 5 to 10 years. These rules have been put in place, to effectively avoid people gain in the UK system, and possibly trying to avoid income tax or other taxes on the UK pension assets.
Does this answer your questions Paul? Any follow up questions?
Also is your UK pension asset DC or DB? As this can also make a difference regarding ongoing oversight.
Finally, what is the rough value of your UK pension asset(s)?
Feel free to respond here or your can WhatsApp me on 07870817830 or email me on dominic@cjfinance.co.uk if prefer to share there.
Regards
Dominic James Murray