QROPS Alternatives
If you're not satisfied with QROPS, or if you're simply looking for other options, there's always SIPP and QNUPS
What is SIPP?
SIPP or Self-invested Personal Pension (SIPP) is a UK government certified personal pension plan that is supposed to be specifically different from private pension plans. SIPPs give expats a wider range of investments options than personal pension plans, however for expats abroad, there are still far more benefits in QROPS than in SIPP.
How does SIPP work?
SIPPs offers more flexible options for investment than standard pension plans, however, most SIPP products are fully managed by the providers. A different option given by providers is a hybrid scheme where some of the assets of the plan are by the providers in an insured fund, and the rest is self-invested by the policy holder. There's another option called 'full access scheme' wherein the policy holder can invest their assets as they wish, as long as it is within HMRC’s allowable investment asset class.
What is QNUPS?
QNUPS is a Qualifying Non-UK Pension Scheme made to improve the QROPS scheme. QNUPS plans have no maximum age for investing, meaning you can put money into the plan for as long as you want. QNUPS also does not require contributions from employment-sourced incomes. QNUPS also does not have amaximum contribution limit.