Oyster Bay offer clients access to QROPS based out of any juresdictions  that have adhered to the HMRC new guidelines. In April 2012 Guernsey and Isle of Man schemes were removed, at this time it is unclear what the future holds for these locations. The good news is we have access to other schemes located in Malta and Gibralar.

OYSTER BAY can assist in the transfer process, all without any upfront fees, only successful transfer will be charged the trustee set up fees. In all cases the capital left after the initial lump sum is taken (you can choose not to take cash out in order to boost pension pot further) can be invested either via a portfolio bond and an element into the Oyster Bay Fund Platform or for smaller sums the entire balance can go into Oyster Bay Fund Platform.

In April 2006, it was announced that British expatriates could move their pension benefits to a Qualifying Recognised Overseas Pension Scheme (QROPS) with the Revenue's approval. The final details of this have only just become clear. The rules of the scheme must be broadly equivalent in terms of treatment, to a UK registered pension scheme and the QROPS trustee must provide Her Majesty’s Revenue & Customs (HMRC) with information on certain “events”. The key difference is that a QROPS can be transferred to an onshore pension scheme in a more favourable jurisdiction once the individual has been offshore for 5 years.

If structured in this way, transferring pension benefits via a QROPS can have huge benefits: Firstly, if the pension is transferred to certain jurisdictions, the individual can take 30% of their pension’s value as a tax-free lump sum at any time after the age of 55.

As there is no compulsion to purchase an annuity, the individual is free to do whatever they want with the released benefits. Some may choose to hold the money in a high interest offshore bank account which returns more than an annuity and is tax-free whilst they are resident outside Europe.

Others many choose to invest the money in an offshore bond or capital protected offshore investment with the view of getting even better returns.

The biggest benefit is what happens on the individuals’ death, the value of the bank account/investment/property passes to their loved ones rather than the Chancellor.

What do I do next?

Oyster Bay have teamed up with the worlds largest financial institutions and the most respected providers of QROPS administration, to offer safe, quick and easy transfer of pension benefits.

We have an adviser group that can arrange transfers from UK pension schemes to QROPS regardless of where the policyholder resides in the world. For impartial advice on whether it would be in your best interests to transfer your pension benefits overseas simply contact us in the first instance.

Please ensure you provide us with your preferred contact details. We do not charge for providing the pension transfer analysis and there is no obligation to proceed. There are no upfront fees and no cost for any unsuccessful transfers. Any transfer of pension benefits would be directly from your existing pension provider to the QROPS or QNUPS provider and at that point the trustee costs will be charged.