Pensions Made Easy #5 – Am I stuck in a QROPS, can I get out?

By May 30, 2019News

An article by Roger Berry, Managing Director of Concept Group Limited.

For members in a current QROPS i.e Maltese or Gibraltar QROPS, it is possible to transfer out to a Guernsey QNUPs or delisted QROPS to achieve greater flexibility on investments and tax benefits but certain criteria needs to be met.

  1. Original transfer to existing QROPS was pre April 2017
  2. Members must be aged 55 or older
  3. Members must be non-resident from the UK for more than 5 UK tax years.

This can be a complex area on which professional advice should be taken. The above statement is a simplified summary answer.

If you have any further questions, please do not hesitate to contact us on info@cgl.gg.

IMPORTANT

Concept or Concept Group means Concept Group Limited, Concept Trustees Limited and any other group or associated companies. Concept does not provide financial nor tax advice and nothing in this summary should be construed as such, nor shall they be held responsible for any liability or loss arising directly or indirectly from any reliance placed upon the content of this summary.

The information in this summary is based on our understanding of current laws and practices, both of which are subject to change. Whilst every effort has been made to ensure the information is correct, Concept cannot accept responsibility for its interpretation, or any future changes to law and practices in any relevant jurisdiction, some of which may have retrospective effect.

Concept Group are licensed under the Regulation of Fiduciaries, Administration Business and Company Directors etc (Bailiwick of Guernsey) Law, 2000 and are regulated by the Guernsey Financial Services Commission.

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