Is 'unlocking' your
pension a good
or bad idea?
Scots Financial Advisor
William George advises
you on new HMRC
rules...
Co...
"Answer: due to
new regulations set
by HMRC it is now
a very bad idea."
Now let's look at what you can
and can't do if you...
Pension Transfer Loophole Closes
Q: What exactly are these new regulations?
A: Due to the prevalence of schemes to unlock ...
Pension Transfer Loophole Closes
Q: Are there any legal offshore ways to unlock
my pension?
A: Yes there are, but be cauti...
Pension Transfer Loophole Closes
Q: So what is Qrops?
A: Qrops is a financial vehicle to help you effectively
receive a hi...
Pension Transfer Loophole Closes
Q: Can I take out 100% of my funds with
Qrops?
A: It is possible, yes, but only when you ...
Pension Transfer Loophole Closes
Q: What should I be aware of?
A: Firms not authorised to promote removing funds from
the ...
Pension Transfer Loophole Closes
Q: How can I be sure that I am using the right
legal pension scheme?
A: Ensure your finan...
Pension Transfer Loophole Closes
Q: What is the best approach to these new
regulations?
A: Don't try to unlock your pensio...
"So, now you
know how to
keep on the right
side of the law,
if you wish to
unlock a pension."
If you need more advice
plea...
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Pension Transfer Warning

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Pension Transfer Warning

  1. 1. Is 'unlocking' your pension a good or bad idea? Scots Financial Advisor William George advises you on new HMRC rules... Copyright: All Rights Reserved 2013 William George www.williamgeorge.info
  2. 2. "Answer: due to new regulations set by HMRC it is now a very bad idea." Now let's look at what you can and can't do if you wish to unlock your pension, or for expats, use Qrops... Copyright: All Rights Reserved 2013 William George www.williamgeorge.info
  3. 3. Pension Transfer Loophole Closes Q: What exactly are these new regulations? A: Due to the prevalence of schemes to unlock pensions for those under the age of 55, HMRC have formed the avoidance and counter fraud group who are tasked with effectively putting an end to this practice. This means it is now illegal to attempt remove funds under the age of 55 and anyone considering such schemes will risk serious tax implications and penalties in the future. Copyright: All Rights Reserved 2013 William George www.williamgeorge.info
  4. 4. Pension Transfer Loophole Closes Q: Are there any legal offshore ways to unlock my pension? A: Yes there are, but be cautious as you could still find yourself in trouble due to some firms who may not play by the rules - despite the warnings. Qrops is one way of doing this with caveats. Copyright: All Rights Reserved 2013 William George www.williamgeorge.info
  5. 5. Pension Transfer Loophole Closes Q: So what is Qrops? A: Qrops is a financial vehicle to help you effectively receive a higher income level through pension drawdown, while living overseas. Key components include more cash for your heirs and effectively lowering your inheritance tax if you choose a country overseas with no 'death duty'. Going offshore is not for everyone, as it may mean having to give up UK residency so get competent, ethical, financial advice first. Copyright: All Rights Reserved 2013 William George www.williamgeorge.info
  6. 6. Pension Transfer Loophole Closes Q: Can I take out 100% of my funds with Qrops? A: It is possible, yes, but only when you are no longer a UK resident and still only then with certain restrictions. In April 2012, rules were introduced that ensured only 30% could be removed as a lump sum. This amount is also subject to certain government terms. Copyright: All Rights Reserved 2013 William George www.williamgeorge.info
  7. 7. Pension Transfer Loophole Closes Q: What should I be aware of? A: Firms not authorised to promote removing funds from the UK, who instead just transfer your funds into a pension unlock scheme. Which, as we have looked at is now illegal. HMRC have moved to stop the flow of pension money outside the country due to the misuse of Qrops and have instituted new rules to strengthen reporting requirements for those using them. Copyright: All Rights Reserved 2013 William George www.williamgeorge.info
  8. 8. Pension Transfer Loophole Closes Q: How can I be sure that I am using the right legal pension scheme? A: Ensure your financial advisor is knowledgeable concerning all the recently introduced rules from the Revenue. Check they are giving sound ethical advice and not cutting any corners. Wealthy expats are currently being targeted by firms not sufficiently regulated so be on your guard and double check credentials. Copyright: All Rights Reserved 2013 William George www.williamgeorge.info
  9. 9. Pension Transfer Loophole Closes Q: What is the best approach to these new regulations? A: Don't try to unlock your pension until you're over 55. Be cautious if firms advise you to drawdown your pension. Play 100% by the rules if an expat and wish to use Qrops. Your next step should be to have a consultation with your financial advisor about your own personal pension needs. Copyright: All Rights Reserved 2013 William George www.williamgeorge.info
  10. 10. "So, now you know how to keep on the right side of the law, if you wish to unlock a pension." If you need more advice please do phone me below... Call FREE on 0800 321 3508 Copyright: All Rights Reserved 2013 William George www.williamgeorge.info

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