Only Brooklands offer all these options to advisers and their clients
Qualifying Recognised Overseas Pension Plan
If you are an Expat, or intend to retire abroad you can transfer your UK pensions to a Brooklands QROPS
This could give you considerable tax benefits and greatly increase your retirement flexibility
The notes below explain how this works
Tax Free Pension Income
Income is paid to you Gross, with no deduction for Tax*
Retirement Options
Retirement available from age 55, however in certain circumstances (as per the UK) we also offer:
Early Retirement for those in Special Occupations (e.g. professional sports players from as early as 35)
Early retirement may be allowed in cases of serious ill-health
Early retirement may be allowed subject to Trustees’ discretion (e.g. in cases of serious financial hardship)
Annuities
As per UK legislation, there is no obligation to purchase an annuity
You have more control over your retirement by the flexibility to take phases of tax free cash and income to maximise benefit and fund growth potential
Inheritance Tax & Passing your Pension Funds to your Beneficiaries
You are never subject to IHT within a QROPS environment
Your pension can be passed on to your beneficiaries without tax consequence before or after drawing benefits
Tax Free Pension Fund Growth
Investments are sheltered in a Tax Wrapper
No Capital Gains Tax on any investment assets
No Income Tax*
Not subject to the European Savings Directive
Funding Limits Do Not Apply
HMRC UK maximum Lifetime Allowance rules do not apply to QROPS
There are no annual contribution restrictions**
You generally will not incur a tax charge on very large pension funds when you draw benefits
Permissible Investments
All investments allowable within UK pension schemes are allowed and some unregulated UK and offshore investments are allowable.*** Out current client bank currently have holdings in:
Stocks (i.e. OEICs, Unit Trusts and Collective Investment Schemes)
Bonds
Alternative Investments (i.e. vineyards, forestries and land investments)
Cash Deposits
Currency Exchange Arbitration
Private Equity
Discretionary Fund Managers
Execution Only Stockbrokers
Commercial Property in the UK and abroad (i.e. Hotel Rooms, Business Premises and Garages)
Place your Assets into your Pension Fund
Your QROPS pension may be able to buy your existing asset portfolio in specie (i.e. re-registration) to protect the unit holding while market values may be low
This can release equity currently tied up in your investments and increases the value of your pension fund
It shelters the investments in a tax wrapper thus avoiding Capital Gains Tax on fund growth or income
We Can Receive Transfers From Any of the Following
Self Invested Personal Pensions (SIPP) or Small Self Administered Schemes (SSAS)
Personal Pension and Stakeholder Pension
Qualifying Recognised Overseas Pensions (QROPS)
Occupational Final Salary (i.e. Defined Benefit)
Occupational Money Purchase (i.e. Defined Contribution)
Executive Personal Pension (EPP)
Section 32 and Section 226
Protected Rights (funds Contracted Out from the Second State Earnings Related Pension (SERPS) and the Second State Pension (S2P))
ALL the advantages above apply only once you have completed 5 consecutive full tax years outside the UK. Until this requirement has been met, a QROPS will function in the same way as a UK Pension. However, in the first five years your income can still be paid to you gross, without tax deducted*
Note for IFAs
Brooklands uniquely offer a UK SIPP, QROPS in three Jurisdictions (NZ, Guernsey and IoM), QNUPS from both Guernsey and IoM and International Pensions
Clients can usually switch between the Brooklands products without penalty if their circumstances change
Full marketing and technical data can be sent to you when you enquire
* Tax allowances can sometimes be overruled by your chosen retirement residency. We would always advise you to take advice from a professional expert who will be familiar with the local nuances which will be subject to change.
** Although there are no annual or lifetime contribution limits similar to UK legislation, contributions will not attract any tax relief.
*** All investments considered for the QROPS will be accepted and monitored solely at the discretion of the Trustees.
All of the information contained in this document is in accordance with our current understanding of the legislation at the point of publication which is subject to change
New Zealand QROPS
Guernsey QROPS
IOM QROPS
Only Brooklands offer all these options to advisers and their clients
Qualifying Recognised Overseas Pension Plan
Tax Free Pension Income
Retirement Options
Annuities
Inheritance Tax & Passing your Pension Funds to your Beneficiaries
Tax Free Pension Fund Growth
Funding Limits Do Not Apply
Permissible Investments
All investments allowable within UK pension schemes are allowed and some unregulated UK and offshore investments are allowable.*** Out current client bank currently have holdings in:
Place your Assets into your Pension Fund
We Can Receive Transfers From Any of the Following
Important Notes
Note for IFAs
* Tax allowances can sometimes be overruled by your chosen retirement residency. We would always advise you to take advice from a professional expert who will be familiar with the local nuances which will be subject to change.
** Although there are no annual or lifetime contribution limits similar to UK legislation, contributions will not attract any tax relief.
*** All investments considered for the QROPS will be accepted and monitored solely at the discretion of the Trustees.
All of the information contained in this document is in accordance with our current understanding of the legislation at the point of publication which is subject to change