Do You Have a UK Pension? Then Read.
This will be news that most retirees fear and will be most aggrevated with meaning they will lose monies off their hard earned pensions as expats which to some will be a huge impact to some people living in Thailand retired,
I would suggest retire’s on pensions in Thailand to contact a Financial services company for more information on the QROPS schemes available.
Due to a EU directive, British Expatriates or any nationality that has worked in the UK and paid into a company pension scheme or private pension scheme can move their pension offshore and receive their UK pension gross of income tax.
Unfortunately this is ending on the 5th April 2015 so if you have been thinking about taking advantage of transferring your pension and receiving the tax free benefits now is the time to do it.
If you have a pension in the UK and you do not move it offshore you will end up paying tax on it when you go back to the UK.
Most of us do not want to be paying tax so this is a perfect opportunity for you to take advantage of protecting your pension while you are living and working offshore.
A Qualifying Recognized Overseas Pension Scheme (QROPS) is any scheme recognized by HMRC (Her Majesty’s Revenue & Customs) as meeting standards and conditions equivalent to a UK pension.