Retiring abroad has become increasingly popular for many Britons today and as an example, figures show that there are around 70,000 people taking their pension in Spain alone, compared to 26,700 a decade ago. It is very wise to give some serious thought to the financial implications on receiving your pension abroad and setting up your finances carefully could save you a considerable amount of money and provide you with a wide variety of benefits.

Qualifying recognized overseas pension schemes or QROPS as they are now known are becoming very popular for expat pensioners and the current economic turmoil has made the option of a QROPS transfer more popular than ever. Why you may ask? Well, apart from the many benefits to be gained by transferring your pension into a QROPS, this is mainly due to the first time in years that expatriates have been exposed to such massive currency swings and in Spain for example, non Spanish, non Euro funded pensioners living in Spain are really feeling the pinch right now.

It wasn’t that long ago that £1 gave you €1.50, now you will only get €1.10 and the rising cost of living in Spain has probably eroded the .10c as well! If on the other hand you had moved your pension into a Euro based QROPS then the currency element would not have affected you.

UK pensions have previously remained under UK rules, even for people who have retired abroad. However, due to new legislation in the UK that was introduced in April 2006, it is now possible for expatriates to export their pension fund out of the UK into a QROPS and avoid the various restrictions and taxes that the UK imposes on how you take your pension benefits

Transferring your pension out of the UK into a QROPS and avoiding these restrictions will help you greatly in improving your retirement years and it will also mean that you can leave your heirs a larger inheritance should you wish to, which is just one of the major benefits.

To begin the process of a QROPS application it is recommended to seek professional financial advice regarding QROPS transfers. By doing this you will increase your chances of a successful overseas pension transfer and whether you are currently living abroad, in the process of moving or just considering emigrating then you should seek QROPS advice and get in touch with a QROPS adviser who will be able to provide you with a free, no obligation consultation.

The first part of the QROPS transfer process is to complete a letter of authority and submit a fact finder statement. This allows for information to be obtained about your specific scheme such as benefits and transfer value. Your current pension provider will also then be able to release the relevant discharge forms, allowing a QROPS expert to provide you with a detailed breakdown of the current benefits being received and informing you on both the advantages and disadvantages if any, of the option to transfer your pension into a QROPS.

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