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How QROPS help ex pats take charge of their annuities

UK pensions are probably going to face more disturbance from the govt. , annuities minister Steve Webb has warned.

After a string of reforms, revisions and consultations, the Department of Work and Pensions now wants to prompt workers to consolidate small allowances left behind when they change roles.

The move is another uncertainty introduced in to the pensions landscape for retirement savers - but ex pats and world people with UK annuity rights can already take charge of their funds by changing to a QROPS.

Recent changes in the offshore pensions market have brought tax planning and annuity opportunities that were once the province of the ultra rich in to reach for every pension saver.

Consolidating a number of smaller pension funds in to a QROPS does exactly what the govt intends with for retirement savers with small allowance funds - grouping them in to a single fund that gives leads to cheaper running costs while easily manageable.

QROPS lite pensions offer stripped down versions of the all-singing standard QROPS by offering lower set up and administration costs together will flexible investments.

Many QROPS have no minimum cash value to transfer in - although the amount may vary between suppliers.

For expats, QROPS supply an reinforced tax-free lump-sum payment on retirement. The United Kingdom maximum is 75% of fund value while a QROPS can pay as much as 80% of the accumulated fund worth.

Other extras include exemption from UK inheritance tax rules and pension payments in any major currency instead of only in Sterling, which avoids the vagaries of forex rate fluctuation.

This year, UK annuities have just seen the scrapping of the default retirement age and the necessity to buy an annuity.

Other changes on the way include new measures to finance long term care following the Dilnott Report and the arrival of flat-rate state pension payments.

QROPS pension transfers need expert guidance. Do not attempt to transfer your pension without first speaking to a QROPS expert

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