For anyone who is British but not living in Britain, Qrops is an option where they can transfer their pension in to a foreign scheme. There are only selected schemes that they can be transferred to and pensions must have at least £25000 in them. However, it can still be a useful option for you.
It is very important to get some good Qrops Advice before doing this though. Like any financial decision, it could have a big effect on your future and you do not want to rush in to it. You want to make sure that you know exactly how it works and what you options are. You may look at the fact that tax might be lower and things will be more flexible and feel that it is definitely the answer for you.
However, with the economy as it is, it can be tempting to make quick decisions about finances that we could regret. Despite a Qrops pension transfer looking to be a great option for those who qualify, there are many to choose from and so you need to see what is available and what looks the best for you. You will need to think about the future as well and whether you plan on moving to a different country and what you want to happen to any inheritance as it might have an effect.
You can do your own financial planning and you may have always done so. However, there are financial advisor’s that have a lot of knowledge about this and so you will need to decide whether you would rather use one of them or do your own research. With the Internet, it is pretty easy to research. You do need to be careful though, because if you are thinking of taking out a foreign policy and it is written in a foreign language, it will be wise to get someone who is very fluent to translate the terms and conditions, so that you know exactly what you are signing up for. The financial institution might be able to provide you with information in your language of choice, it is always worth asking. Even if you speak the foreign language well, these sorts of documents can be tricky for even native speakers to get their heads around sometimes so you need to be cautious.
So Qrops can be a great thing for retired people living abroad but you need to be careful that you make the right choice and fully understand what you are signing up for.