The QROPS Pension is actually an overseas pension scheme which is based in a country different from the original country of residence of the pensioner. It is usually taken up by UK residents who are planning to retire and go abroad either temporarily or permanently.
The benefit is the opportunity to book higher returns because the fund can be invested in various attractive stocks, and commodities and foreign currencies which represent better investment options. Another attractive feature is lower taxation on the fund corpus, and the income derived from the fund.
These pension schemes are also convenient for people who are frequently on the move, as they don’t have to keep transferring the QROPS along with them everywhere. The agency or company which sources the scheme for you will look after the processing of your application and guide you regarding the administration of the scheme. There are many thousands of QROPS options in countries all over the world, and the company will help you choose the scheme which matches your investment risk or earnings expectation.
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