Insurance Facts

Many people want to move their pensions. They can’t understand why the government won’t allow them to move their pensions around as they wish. It seems only fair to move your 30 plus years of acquired pension to your new community that offers better pension schemes. So why doesn’t the UK allow you to move your pension at least in part to another locale.

First, you have to understand the UK’s view on taking care of its people. They believe that they have an obligation to take care of the elderly and not allow their citizens to get in a situation from which they can’t recover. They do not want to see the elderly poor or destitute at retirement where it would be unlikely for them to recover their financial stability.

Therefore, the country insists each person pays money into the state to provide for their retirement. The government finds it too risky for the people to get unrestricted access to their money. However, the EU has recognized the mobility of its people and has come up with the QROPS. This allows pensions to be transferred to an overseas country and schemes.

QROPS were introduced in 2006 and allow people to transfer non-state pensions to approved oversea schemes. It is important to note that you do not have to move to the country you wish to transfer the money to.

The key to transferring money between schemes is the word “approved.” The oversea scheme must be approved by Her Majesty’s Revenue and Customs (HMRC). All that means is that the scheme has been registered and approved in that country. It also means that it complies with HMRC mandatory reporting requirements.

Hopefully, this has answered some of your questions about transferring your pension. It is not impossible to transfer your pension to another country, but it does take some extra time and steps.

what you just learned about sales force automation is just the begining. To get the full story and all the details, check us out at pensionsnetwork.com