What are QROPS? It stands for 'Qualifying Recognised Overseas Pension Scheme'.
If you’re resident in Spain with a UK pension, there are four basic choices open to you. One, you could leave it where it is – but there may be issues with this approach – especially now the UK has left the EU. Two, you could buy an annuity, but many see these as poor value with such low prevailing rates and with the advent of the new pension freedoms in 2015, annuities could be seen as very restrictive. Three, you could consider transferring out into an international SIPP or self invested personal pension (and we concentrate on that in this video - [ Ссылка ]) OR 4, transfer your UK pension or pensions in to a QROPS plan for overseas residents. ***UPDATE*** From April 2023 the UK lifetime allowance will no longer be payable BUT the Labour party have vowed to bring it back if voted in at the next election! However it is also important to note that (post Brexit) the Spanish authorities are more likely to recognise EU based plans (QROPS) as pensions than third country schemes (UK).
Timecode
00:00 Intro
00:22 Resident in Spain with a UK pension? Your choices
01:00 What are QROPS?
01:44 Which pensions can be transferred to QROPS
02:24 The benefits of a QROPS pension
03:00 Pensions and UK inheritance tax
03:45 Advantages of QROPS
04:10 Why QROPS pensions are in Malta
05:57 Why to use a regulated financial advisor
06:53 How to avoid pension scams in Spain
06:57 Conclusion and end notes
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