Windsor pensions
Windsor pensions
Windsor Pensions has been helping people transfer their UK personal & occupational pensions since the QROPS (Qualifying Recognised Overseas Pension Scheme) legislation was introduced in 2006. Windsor Pensions has helped over 2,000 people take control of their pension schemes and enabled
them to enjoy a wider range of investments.
Disadvantages of UK Pension Schemes for ex-pats
When you leave the UK you are no longer eligible to make pension contributions to your UK pension schemes. Your existing occupational or personal pension funds become 'frozen' and usually grow at a slower rate than when they were active.
If you do nothing, when you reach retirement age (currently 50 but rising to 55 on 6 April 2010) you can take a lump sum of up to 25% of your fund, currently tax free. You will have three options for the remainder of your fund:
1. Defer your pension until a later date (max. 75 years of age).
2. Commence draw downs (taxable).
3. Purchase an annuity which will provide a pension for the remainder of your life (taxable).
Unfortunately annuity rates have plummeted in recent years. When you die, your surviving spouse will receive either a reduced pension or nothing at all
depending on the type of annuity.
The alternative is to transfer your UK pension fund to a QROPS (Qualifying Recognised Overseas Pension Scheme).
Windsor Pensions can arrange the transfer of your 'frozen' UK pension fund to a QROPS (Qualifying Recognised Overseas Pension Scheme). Some QROPS have more 'flexible' rules regarding minimum pension age and cash lump sum withdrawals.
The transfer can be completed in 5 easy steps
1. The client completes and signs a Letter of Authority that gives Windsor Pensions permission to
request the transfer value and transfer forms on their behalf.
2. Windsor Pensions contacts the UK pension provider and requests the transfer value and
transfer forms.
3. Windsor Pension and the client sign a Letter of Engagement/Fee agreement.
4. Windsor Pensions sends the transfer forms to the client to complete, with
completed examples for them to follow. The client mails the forms back to Windsor Pensions. All
of the forms are then sent to the UK pension provider for processing.
5. The UK pension provider then transfers the pension fund to the QROPS.
For a free no obligation review of your pension fund contact a Windsor pension consultant today!