UK Pension Transfer Monaco – Is a QROP or a SIPP the best solution for me?
Monaco is known for many things; it’s Casino, the boats, the cars and it’s world-famous Formula 1 track. However, Monaco is also home to many UK nationals and expatriates whose international careers have involved the UK at some point.
Recent HMRC regulation has now given individuals access to their former UK ‘frozen pension’ contributions through QROPS & SIPPs and so this article is a key area of financial interest for the international community within Monaco.
QROPS (Qualifying Overseas Pension Schemes) or SIPP (Self Invested Personal Pensions) allow for the transfer and consolidation of UK pensions into a single personal pension structure. This includes UK frozen pensions.
If you have savings in an existing UK pension fund but are considering retiring in Monaco or abroad, you may be wondering just how easy it will be to access these funds. The dreams of a more relaxed lifestyle or the attraction of lower tax could soon fade if you are forced to adhere to UK tax and pension rules.
However, if you already live outside the UK, or you’re planning to remain overseas for a period of five years or more, you can use a QROPS and UK Pension Transfer Monaco to move your pension arrangements abroad. Alternatively, if your intention is to retire in the UK a SIPP structure could be more suitable.
Benefits of a UK Pension Transfer Monaco:
- No 55% tax charge for beneficiaries (QROPS)
- Consolidate several pensions into one pension (Including personal & employee based schemes)
- No annuity purchase necessary (withdraw when you want)
- A QROPS can provide for your family, it is possible to use up to 100% of the fund to provide a spouses pension
- 100% of pension pot can be left for beneficiaries
- Wider range of investments to choose from
- Tax free lump sum up to 30%
- Receive pension income free from UK income tax (QROPS)
- Low cost charging structures
What you should consider before choosing a QROP or a SIPP?
- Residency considerations: do you expect to return to the UK to retire or for long periods of time in the future?
- Existing pension arrangements:
Using a QROPS or SIPP to provide for your family:
UK annuities usually end when the recipient dies, and do not leave any extra money for the family or beneficiaries. It is possible to arrange one that will continue paying after your death, but it would increase the cost and reduce your income. With a QROPS or SIPP, on the other hand, since you don’t need to buy an annuity, your fund won’t vanish when you die.
Instead, you can pass it on to your loved ones. Simple and fair.
Harrison Brook helping you make the best choices on UK Pension Transfer Monaco:
UK pension transfers are a growing market, and new QROPS/SIPP providers are appearing regularly. Talk to a UK qualified Harrison Brook Adviser to make sure you choose the most appropriate jurisdiction and QROPS or SIPP provider for your needs. Additionally your SIPP or QROPS will include different kinds of investments, as such it is crucial to match your investment portfolio with your risk profile and growth expectations.
Why choose Harrison Brook for your UK Pension Transfer Monaco?
- Face to face appointments available at your home, our Riviera office or a neutral location
- Specialist QROP & SIPP structures designed for your residency in Monaco, France, Italy and beyond
- Discounted QROP & SIPP fee structures through our transparent advice process – we pass the savings onto you
- Will never transfer a pension unless 100% in the best interests of the client
- UK regulated adviser (minimum RDR Level 4 with the FCA in London)
- Ongoing quarterly review available at your home, our office or by telephone if you are busy and on the move – To communicate our quarterly portfolio adjustments and understand any changes in our clients financial landscape
- No restrictions on client location, nationality or tax residency
- Access to institutional high rate deposit accounts and structured fixed return products
- Access to investments specialists and model portfolios structured for capital growth, income generation or both
How do you get started and take the first step?
Follow the steps below to get the latest valuations of your pensions and to discuss a UK Pension Transfer Monaco with a UK qualified and regulated adviser based in the Riviera. The initial analysis will include the potential benefits of a QROP or a SIPP and which solution may be best for your individual pension planning needs.
Click Get Started, to speak to an adviser for a free, no obligation, financial analysis and information.
You can also request a free guide on UK Pension Transfer Monaco and QROPS by contacting us.