Is your private pension fund locked away? It needn't be!
Are you concerned about the future value of your private pension fund? Would you like to release a substantial capital sum from your private pension fund today regardless of age and have the freedom to take control and safeguard your interest in the future?
If you are already claiming a UK private pension, do not require a lump sum but want to save tax, scroll down to *Already claiming your pension and paying high taxes? If you require a capital sum read on...
Did you know:That as a non UK resident for five complete tax years, there is a procedure that enables you to release a substantial capital sum from your private pension fund irrespective of age! This does not affect your state pension. Subject to where you reside it may be tax free. In Spain for example it is free of tax!!
Why are people doing this: Many people are disappointed in the way their private pension funds have lost so much of their value in recent years, consequently many have lost faith in the whole pension system. Unfortunately, if you are a UK resident, the fact that you cannot take benefits from your private pension fund before the age of 50 (55 from April 2010) adds insult to injury. What's going to be left preys on everybody's mind.
The problem many people face in today's economic downturn is liquidity. You could be asset rich but have experienced substantial reductions in income for various reasons. In a recession this could mean selling off your prized assets at give away prices or opting for one of the many equity release schemes on your home, designed to take advantage of you!
We have a solution: If you have been a non UK resident for five complete tax years, with our help and expertise, you could be entitled to release a substantial capital sum from your private pension fund giving you the freedom to decide how best your money is managed and safeguarded in the future. Many are surprised at just how much their private pension fund is worth!!
Most financial advisors recommend QROPS to non UK residents for tax savings, whilst this is good advice, many avoid telling you about this lump sum process or find ways to dissuade you. In essence it is in their own interest to manage your fund and secure their annual admin and management fees regardless of how your fund performs.
Lump sum payments do not attract annual charges for financial advisors!
For non UK residents that are already claiming pension benefits and require tax savings see below.
*Already claiming your Pension and paying high taxes?
How do I reduce the tax payable on my private pension? How much tax am I paying?
Did you know: If you are currently residing outside the United Kingdom and you have not bought an annuity with your UK pension fund, you can transfer your UK private pension fund into a Guernsey QROPS and receive your pension without a deduction of tax at source!
Depending on where you live, this being particularly true in Spain & Portugal, the pension income you receive from your Guernsey QROPS will be subject to the tax regulations within your country of residence. Residents of Spain or Portugal can enjoy a tax rate of 2.5% or less!!
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