If you are resident in Spain (or thinking of making the move) it is important to consider the options available to you in terms of your UK pension. One of the avenues available to expats is to transfer out of the UK to a qualifying recognised overseas pension scheme (QROPS - formerly known as QROPS) Understanding the potential benefits of a QROPS is an important element in any retirement planning. These international pensions, although not in the UK, have to follow rules set out by the UK tax authority but they can offer more flexibility for people living in Spain. The alternative to a QROPS is an international SIPP (iSIPP), a pension in the UK BUT for non UK residents (expats). Here we itemise some of the main points to consider with both:
Very possibly if you have a UK pension and are resident in Spain. However there may be circumstances when a different option is more appropriate - such as an international SIPP (Self Invested Personal Pension) if you plan to move back to the UK in the future for instance.
Also, there were a raft of legislative changes to UK pension law in 2015 and then again in 2017 (to transfers overseas) so more than ever it is vital to get qualified advice from a regulated company in order to make the right decision.
For a free, no obligation assessment of your own circumstances and further information please call us on 951 390 201.
We are part of a reputable international financial management firm. We are not a data broker passing your information on to other firms etc. We are licensed and authorised throughout Europe to give financial advice and arrange pension transfers. When you call us you will speak directly with the qualified, experienced adviser who will assess your pension(s) and give you a personal recommendation bespoke to your circumstances. You are under no obligation to follow our recommendation and we do not charge for your pension evaluation. So, for an initial chat why not give us a call or send a message on the form below. REMEMBER avoid scammers by only dealing with properly regulated entities.
We are British advisers living in Spain with the appropriate qualifications and experience to give professional advice here. Unlike UK based firms we have a deep knowledge of the pension laws and tax system in Spain. Although we are EU regulated we are not forced to charge you fees like a UK based firm (although we always offer this option). This means there is no initial fee taken from your investment - which in the UK is often 3% of the value. Also, unlike many others, we have investment advice permissions under EU directive MiFID 2.
Patrick Macdonald ASCI
International Financial Adviser