With an estimated seven hundred thousand British citizens now living in the US it is no surprise that we spend lots of our time advising US residents how it is possible to get the most from their UK pensions. Additionally, many thousands of US subjects have worked in Great Britain and would like to find out how they can maximise their UK pensions and make them as tax efficient as practicable.
Transfer to a QROPS United States and Reduce Your Tax Bill!
Without the required expertise transferring your United Kingdom Pension to the US often leads to exorbitant taxes being paid. By getting the right advice from the start taxes can be kept to a minimum and investment returns can be maximized.
Even if you have just relocated to the US or know that you?re going to do so but are still not a USA resident a QROPS can be a very effective solution.
On the supposition that the best guidance is received when you feel that you do not need it we highly recommend that you talk to us prior to returning to the US, in this case we might have additional options that will not be available after taking up residence State side.
A QROPS may give you the following benefits
- Pay less earnings tax
- Pass on more of your pension to family and loved ones
- Vastly increase investment choice and returns
- More control of where your pension is invested and how you draw it
- Simplify by bringing together multiple pensions into one.
You will have more than one UK pension which can often create a cost of complexity that may reduce returns and increases costs. By consolidating the pensions that you have acquired in the UK your pension pot usually becomes easily manageable and you can gain an advantage from enhanced returns and reduce risk and costs.
Many pension holders find it hard to keep track of their pension funds and are not receiving any continuing guidance as to where funds are commited, and if there are more useful options available and even if the funds have relevancy to their approach to risk. People generally have different needs , so for most people it is sensible to reduce exposure to shares as they get closer to retirement. Nonetheless another pension holder may have adequate provision for earnings in retirement and would maybe like to differ drawing their pension and be more adventurous with their pension pot hoping to achieve higher predicted returns. No matter what your situation and needs their is a solution that is best for you.
We?re a firm of independent finance advisers who concentrate on advising on UK pension transfers. When we have a clear understanding of the client?s situation and wants we then find the most acceptable QROPS solution and complete the transferring of the UK pension/pensions to a QROPS Pension, if required and usually we carry on providing continuing investment advice for our pension clients to make certain that they maximize returns and reduce risk.
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