Guardian Wealth Management

Financial Advisors Foresee Continued Growth of QROPS

Qualifying Recognised Overseas Pension Schemes, or QROPS, have been offered as an alternative wealth management pension solution for expats since 2006. Despite some initial teething problems with QROPS, wealth management advisors have this year predicted that the popularity of QROPS will increase, as more expats turn to them as an alternative to their UK pension.

As confidence grows in QROPS, more wealth management advisors are offering in-depth guides and information regarding the benefits that QROPS can present to expats. This growing accessibility of information helps wealth management professionals to substantiate to their clients just why a QROPS could be beneficial to their overall wealth management strategy. As more expats turn to QROPS to take advantage of the tax and investment benefits that they offer, the more wealth management companies are arming themselves with quality information and QROPS specialists to help their clients source the best QROPS for their circumstances.

New Zealand QROPS – Code of Conduct Discussed

If you are an expat with an interest in making sure that your wealth management strategy provides the best benefits or you, then you have probably heard of Qualifying Recognised Overseas Pension Schemes or QROPS. In response to the complexity of QROPS and to enable those seeking wealth management solutions to make sound decisions, some jurisdictions have introduced a code of conduct to ensure that QROPS advisors and providers are acting in the best interests of those wishing to transfer their pensions into a QROPS fund.

One such QROPS jurisdiction is New Zealand - where they are developing a voluntary code of conduct to help disperse negative comments that had been made about the New Zealand QROPS market over recent years. This voluntary code of conduct will help to bolster the reputation of New Zealand QROPS and is a welcome move in the opinion of professional wealth management advisors.

QROPS – Why professional advice matters

QROPS (Qualifying Recognised Overseas Pension Schemes) were introduced in 2006 and can provide a great alternative to UK pensions for expats. While you can find out a lot of information about QROPS online, it is always best when it comes to wealth management matters to seek advice from a qualified independent financial advisor.

A wealth management professional will be able to give you the most up-to-date information regarding QROPS in the various jurisdictions from which they can be sourced. Your wealth management advisor will be able to assess your current UK pension and help you to decide whether a QROPS would be a more financially beneficial solution for your personal circumstances and wealth management objectives. Professional QROPS advice from an independent adviser will also help to ensure that you are sourcing the best QROPS from all available on the marketplace.

Pensions for expats – financial planning for the future

Let's be honest, wealth management and financial planning can be confusing. Because of this it is absolutely vital that you seek professional advice from a wealth management organisation who are used to dealing with financial planning advice and solutions.

Pensions are one wealth management subject that can be the source of great debate. Many people are dissatisfied with the complex rules and regulations surrounding UK pensions, and many expats are starting to look towards QROPS as an alternative retirement wealth management solution. It is certainly true that for many people QROPS can offer many advantages over a UK pension. If you are an expat looking at your retirement planning options, getting some professional wealth management advice regarding how QROPS may benefit you is a great idea. QROPS can offer better benefits in terms of taxation if you compare them to a UK pension. There are certain restrictions that do apply in terms of transferring your UK pension into QROPS though, so getting wealth management advice is essential before you make any decisions.

QROPS – The New Pension Regime

On 6th April 2011, amendments and additional guidelines were announced regarding the UK pension tax legislation. It is important to consider how these changes could have an effect on UK pension holders, who have transferred or are considering transferring their pension funds into a QROPS or Qualifying Recognised Overseas Pension Scheme.

The main impact of the amended tax legislation for QROPS holders concerns taking benefits if you have been an expat for less than five years. You may be liable to pay UK income tax on these benefits. The best way to see if these new legislations will affect your own QROPS position is to speak to a wealth management advisor. As with any matter of wealth management, it is important to seek professional advice and this is definitely the case when it comes to QROPS. QROPS can still offer fantastic benefits for expats, as opposed to a UK pension, and qualified wealth management advice will help to make sure that you are making sound decisions regarding your pensions, QROPS and any other aspect of expat wealth management.

Then read more about QROPS

Thinking of leaving the UK to start a new life in Qatar, Dubai or elsewhere in the Middle East?

Starting a new life as an expat in the Middle East? If so, there are many things that you need to get organised - not least your wealth management strategy. By seeking professional wealth management advice from a reputable financial planning company, you can be sure that you'll get everything in place and in good order, ready for your new life abroad.

One of the main things that can be positively affected when you become an expat is your pension plans. If you have one or more UK pensions, you may be able to transfer these pension funds into a QROPS or Qualifying Recognised Overseas Pension Scheme. QROPS can provide many advantages including tax benefits and more flexibility with your investments. A good wealth management company will be able to talk you through the various pros and cons of transferring your UK pension into QROPS.

In the meantime, there are many other important issues that you will need to consider to help prepare you for your new life as an expat.

Then read our essential top tips first.

If you’re heading for a new start in Europe, here are top tips to get you on your way

Any move abroad highlights the need for good wealth management and financial planning. Guardian Wealth Management is a great source of advice for strategic wealth management planning, for people embarking on a new life as an expat.

Some important wealth management matters that you need to consider when planning to become an expat include getting life insurance/life assurance and medical insurance in place. Another potentially beneficial wealth management move could be the transfer of your UK pension into a QROPS. If you plan to be a non-UK resident for five years or over, a QROPS can provide many benefits for your retirement future. QROPS provide tax advantages and greater investment flexibility, so getting advice from a reputable wealth management company about QROPS could be well worth your while.

There are many other important wealth management issues and organisational matters that you will need to include in your plans to become an expat.

Tuesday, 12 July 2011