Bangkok, Thailand -- (SBWire) -- 08/22/2013 --QROPS or Qualifying Recognized Overseas Pension Schemes are one of the hottest searches on the internet by British expats at the moment. You might ask yourself, what is a QROPS? What are the requirements needed to become a QROPS? How can a QROPS help you? If you are considering these questions, then get ready with your pen, notebook and cup of tea or coffee as this post of mine will help to be a spotlight on the essential aspects of a QROPS.

What is a QROPS?

QROPS is an abbreviation of Qualifying Recognized Overseas Pension Scheme. It is basically the regulations under which your current existing pension can be transferred overseas, so that you can take your pension benefits in other countries and reduce your tax burden. QROPS allows many different schemes such as occupational pensions, personal pensions, SIPP’s and SSAS’s to be transferred into. These QROP schemes are suitable if you are a Brit considering moving or retiring abroad.

What are the Requirements of a QROPS?

Basically, a QROPS must allow locals and non-residents to be charged the same taxes on their pensions; a QROPS also must allow for 70% of any transfer to provide an income for life. The QROPS trustees must report to HMRC every year for 10 years. However, this does not affect you as a member. If you are from the UK and live abroad, you can take the benefits of a QROPS as soon as you are non-resident.

Who is Eligible for QROPS?

QROPS is for anyone who is eligible and has paid into a private or final salary UK Pension Scheme and wants to enjoy his retirement overseas. No matter if you are a UK tax payer or you are a German or other foreign national who has worked in the UK; you can choose the most beneficial QROPS scheme for a better selection of retirement options and in order to reduce your taxes.

What Are the Benefits of a QROPS?

Besides saving high imposed taxes (save 55% tax upon death and UK income taxes of up to 45%); QROPS provides a facility which allows more flexible pension investment and allows you to transfer your pension into a currency of choice. This is important as British expats living in Europe have seen their pensions drop by 22% in the last 5 years as they were living off EUR instead of GBP. The situation has been far worse if you are a Brit in Thailand. The GBP has fallen from 75 to the Thai Baht to around 45 Baht. You can transfer your pension into the currency of your choice and avoid these fluctuations.

These currency fluctuations can have a massive impact on your pension over a 10 year period, so it is important to not only think about taxes, but about how currency fluctuations will affect your pension in the future. One of the main reasons to export your pension to a QROPS, however, is that upon death, 100% of the remaining pension pot is handed over to your family or to any nominees you have chosen.

About QROPS Specialists
QROPS can be very beneficial for your retirement plans, but you must choose the schemes wisely as an ill formed decision may end up with you losing certain benefits, but an experienced QROPS specialist can explain how to protect your pension safely. For free guides and advice from QROPS specialists, you are encouraged to visit http://www.qropsspecialists.com who come highly recommended.