Offshore QROPS have been transferring pensions overseas since the early 1990’s

Posted: 03 March 2010
A day doesn’t go by without a newspaper discussing the economic problems of funding people living longer and the desire to retire earlier.
 
If we want to live longer and work shorter, then we have to work harder during our working life and plan smarter.  Therefore should we all not realise that there is a limit to how far money will go round and that there is no magic to retirement planning.  If we do not plan to put money away in our early years , we will have to work harder at the tail end of our careers to put a greater share of our income away with fewer years to take advantage of compound interest.
 
We read about pensions changing and they did when Qualifying Recognised Overseas Pension Schemes (QROPS) breezed supposedly onto the scene with A-Day in April 2006.
 
But just as the concept of compound interest is not new neither is the principle of putting money away nor are QROPS.  It was only with A-Day that qrops became QROPS.  The QROPS adviser team at Offshore QROPS have been transferring pensions overseas since the early 1990’s.  To transfer pensions overseas pre A-Day still required the overseas scheme to meet UK release regulations, plus much more.  But just as then, it must be today that the transfer must be in the best interests of the scheme member.  But is it?
 
Retirement planning must not be jeopardised by unregulated advisors plying their trade to the unsuspecting.  Stories of years of experience should be treated with caution unless backed up with confirmed authorization to trade in the country where the advice is given.  What protection is afforded to the pension scheme member whose adviser is not authorised?  So what should you do – ask to see a copy of the documentation that confirms your adviser carries Professional Indemnity Insurance in the country that the advice is supplied in and always check they are regulated status with the regulator.
In the UK financial advisers are regulated by the Financial Services Authority (FSA). You can check to see if your adviser is registered by visiting the FSA  register at http://www.fsa.gov.uk/register/firmNamesCurr.do?sid=42957.
If you would like further information on whether a QROPS may be right for you, please contact the QROPS adviser team at Offshore QROPS on 01483 202072.


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