In 2006 the HMRC introduced the systems for individuals to move their pensions from the UK. The HMRC intends for this overseas scheme to be a registered overseas pension and lists the recognised schemes on their website. An overseas scheme should continue to keep the same standards as a UK scheme and the trustees of the scheme are obligated to report to the HMRC
Why should I use a ROPS:
What jurisdiction should I use:
Within a ROPs there are many jurisdictions that can be used dependant on where on an individual is resident.
Advantages: non withholding tax on pension distributions where double taxation agreement is help, within the European Union, non local taxes on death.
Disadvantages: for non-EEA residents there is a 25% taxation upon transfer, limited number of pension administrators
Advantages: low withholding tax for countries with no double taxation agreements.
Disadvantages: withholding tax of 2.5%, limited number of pension administrators, non-EEA residents there is a 25% taxation upon transfer.
Logo of financial consultancy Adsen Moore.
Maybe a UK scheme is more suitable. Check out our SIPPs
A ROPs is often used to protect against future lifetime allowance tax
Our industry leading experts can advise you on the best way to proceed
Copyright © 2020 Adsen Moore Financial Consulting - All Rights Reserved.
Investment returns are not guaranteed and can go down as well as up.