What are QROPS?

A Qualifying Recognised Overseas Pension Scheme (QROPS) is a HMRC-recognised pension transfer scheme that is based in a jurisdiction outside the UK but still keeps the same standards or equivalent as a UK pension.

If you are thinking of moving away to Zimbabwe from the UK but have a local pension, then those savings are easily transferrable into a QROPS, provided that the overseas scheme of your choice is registered with HMRC and fully compliant with the standards of the jurisdiction it is domiciled in. The popularity of QROPS schemes has risen considerably following the introduction of new pension rules in 2006 by HMRC.

Why should I choose a QROPS?

A QROPS provides you with more control over your pension fund investments. With a QROPS you can also combine various smaller pensions into one large pot. Additionally, you can even do away with purchasing an annuity thanks to this scheme.

QROPS will also let you bestow the rest of the fund to your beneficiaries without any deduction of UK tax upon death, as long as you have spent five years or more living outside the UK.

Is a QROPS suitable for me?

If you have left the UK for Zimbabwe or are planning to emigrate there, then a QROPS is almost certainly likely to be suitable for you. That being said, it is always essential to consult a professional and get the advice you need before taking steps to set up a pension transfer. Here at deVere Zimbabwe, one of our professional independent financial advisers will be assigned to you to assess your financial and personal situation.

That way he or she can ensure that the scheme of your choice is the best one for you and fully compliant with HMRC rules and standards. What are the key benefits of a QROPS through the deVere Zimbabwe?

deVere Zimbabwe is one of the market leaders in the field of QROPS pension transfers. The benefits of booking into a QROPS through deVere Zimbabwe include:

• Consolidation of multiple pensions

• Flexible choice of currency

• Funds fully conferred on to heirs after death (after five full years of non-UK residence)

• Investment flexibility and freedom

• No obligation to buy an annuity

• Possibility to allay UK income tax or death charges of up to 55%

• Safe and well-regulated jurisdictions

• Transparent charges

• Up to 30% pension initial lump sum (see rules of residence above)

Which is the best QROPS jurisdiction for me?

The QROPS jurisdiction you choose will vary depending on your individual requirements - however, deVere Zimbabwe highly recommends Malta and Gibraltar. Malta is an integral member of the EU, with a highly-regulated banking sector and a fully transparent tax system while Gibraltar's links with the UK make it subject to EU rules and regulations.

For a no-obligation pension review, or to learn more about QROPS and how it can help you, contact a deVere Zimbabwe Financial Adviser today.