Caveat Emptor - Buyer Beware Says Montfort International (QROPS)

Montfort International (QROPS) have announced for potential buyers of QROPS to be on their guard and have enough research completed (being clear that buyers know exactly what a QROPS is) before embarking upon a chosen overseas pension plan. Those who are confused by certain phrasings of the meaning of QROPS (Qualifying recognised overseas pension schemes), with some schemes replacing the word recognised with registered, should only be focussing on the former rather than the latter.

When using the word recognised this denotes that the scheme has been accepted by the HMRC and are self declared to legally operate overseas within the tax jurisdiction that they are based on. As they are a qualified pension scheme that can operate overseas, one can move their UK pension abroad without incurring extra costs or losing much of their hard earned pension money. However one needs to question whether this is best for them? Montfort International specialise in providing accurate information on overseas pensions, pointing people to the right direction and assisting people in transferring pension funds abroad.

If one is considering the possibility of settling down abroad as part of their retirement plan, should seriously consider a QROPS. Unless it has become a fixed annuity or a pension payment from a final salary, avoiding the overseas pension plan can be a costly decision to make. However, upon considering a QROPS one will need to be aware of the pitfalls involved.

A simple solution that Montfort International recommends to potential customers to remember is through the acronym EAST REACTOR. This simply means identifying the right Event finding the right Advisor who Specialises in overseas pension plans at the right Time, and right Rate of Exchange at the right Amount in the right Country under the right Tax jurisdiction and the right Options on Release. This acts as a guide for people looking for a good overseas pension plan even though one can easily approach an overseas pension’s specialist, not all specialists are adept to providing accurate information.

Rather than relying on the sole information provided by one agency, people will need to have a clear idea of when, where and how to manage their pension funds. It pays to have the acronym in mind, giving the person peace at mind and being better prepared before moving abroad.

Contact Information

Bob Kelley

Manager

Montfort International/QROPS

Contact via E-mail