 Should I transfer my pension to a QROPS?
If you are moving or are already living abroad, with no intention of returning to the UK, then a QROPS may be the best course of action.
However, if you have no intention of moving abroad but are simply trying to circumvent the rules that would apply to a UK registered pension, then The Belvedere International Pension Plan (Belvedere) is not for you.
I have a number of UK pensions from various companies. Can I transfer them all into one QROPS?
It is possible to consolidate a number of UK pensions into Belvedere. Many individuals choose a QROPS solution for this benefit alone.
What happens if I return to the UK?
If you return to the UK then the transfer will have a neutral affect as UK pension regulations will apply to the QROPS. Therefore a transfer should usually only be considered by those who intend to live outside the UK permanently.
Can I transfer my UK pension when benefits are already in payment?
It is possible to transfer a pension where benefits are in payment provided that they are not in the form of an annuity or some company pension schemes.
Should I transfer protected rights benefits to a QROPS?
It is possible to transfer protected rights to a QROPS. However, you will forfeit the protection afforded by the UK pension regulations.
How is Belvedere taxed?
Guernsey does not tax non-Guernsey and non-Jersey residents, therefore income payments and pension commencement lump sum benefits are paid without the deduction of tax.
However, it is imperative that tax advice is taken in the member's country or intended country of residence.
The above answers to frequently asked questions are based on our understanding of the Law as at April 2010, but should not be taken as definitive advice.
We recommend that advice is sought from a suitably qualified financial adviser before making any decision to transfer to a QROPS.
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