QROPS to SIPP pension transfer by Steve Johnson

QROPS to SIPP pension transfer

QROPS in Malta, Gibraltar and the Isle of Man have been sold heavily by offshore financial advisers, often promising significant benefits, but in reality these don't exist and are no more beneficial than a UK pension scheme.

We have helped lots of our clients transfer their pension from these QROPS to our flexible, online SIPP account. A QROPS pension transfer to a SIPP is a simple process and just requires a set of forms to be completed which we can guide you though.

A double tax treaty often ensures you're not taxed twice on any withdrawals. The UK has double tax treaties in place with over 130 countries and most of these agreements ensure that withdrawals from your SIPP are only taxable in your country of residence. The SIPP provides flexible withdrawal options from age 55 onwards giving you total control over how to take your pension

The trustee administration charge for a QROPS generally ranges from £650 to £1,250 per year. But its not just the annual trustee fee you need to be aware of, most QROPS have additional bond fees such as an establishment charge, policy management charge, quarterly administration charge, custody charge and ongoing adviser charge. All of these charges add up and could mean you're losing up to 5% of your pension every year in charges.

A QROPS pension transfer to a SIPP can save you thousands of pounds a year in charges.

Our service is designed for expats, whether you're a non-UK resident or living in the UK. Our easy to use online account enables you to monitor your pension whenever you like. We provide ongoing support and guidance to assist you with managing your pension, and our simple and transparent fees mean there's no hidden commission or ongoing adviser fees. Contact us to discuss a QROPS pension transfer.