Pension Lump Sum
Retiring should be a time when financial worries are set aside and the process of enjoying one’s retirement begins. The pension lump sum is one way of enjoying the income that you have built up over your working life, and there are many countries around the world where it is prevalent and to where you can transfer your pension.
It offers you a large amount of money with which to begin your retirement. You can either spend part of this on yourself or your family, you can invest it in various ways – or simply keep hold of in case it is required. It is possible to transfer your pension to a QROPS where there is no obligation to buy an annuity upon retirement. It is important that any pension lump sum payment does not break QROPS legislation laid down by HMRC (Her Majesty’s Revenue & Customs).
Upon death the entire value of your pension fund can be paid to your partner or other chosen beneficiaries as a single lump sum (provided your QROPS period has passed), so that all you’ve saved is not lost.
The pension lump sum can be a confusing concept, but one that we at Offshore QROPS have a great deal of experience in advising on. Discover why so many people have come to rely on Offshore QROPS for pension advice. We take you through every step of the process, ensuring you are fully aware of all the potential pitfalls – allowing you to really relax as you enter your retirement.
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