UK Pensions Plan for Overseas – Which Plan Suits You?
A pension plan or scheme is an arrangement with which one can save money for the future. Pension plans can act as a money box which can be opened when you retire. There are different types of pension plans and schemes; some are financed by the employers while others can be purchased by the employees. UK Pensions for overseas offers schemes which apply to both local citizens who plan to leave the UK and foreign nationals who have worked in the United Kingdom for two years or more and have built their pension funds. While selecting the UK Pensions plan for overseas you have to be careful and chose the option which suits you.
Best UK Pensions Plan for Overseas:
Best is a relative term and can be hard to find but there are some common guide lines and features to find the policy that suits you best. The pension plan should be the one with low or no tax deductions because at United Kingdom the tax rate is very high. It should be transferable to the other countries. The pension plan should provide the option of flexible annuities or no annuities. It should also provide the option of withdrawal (lump sum).
Options Available in UK Pensions Plan for Overseas:
In 2006, the government of UK approved the QROPS. This plan provides many benefits to the policy holders which they never experienced before such as no obligations to report to HMRC after five years thus minimizing their interference in your finances. Then in 2010 they introduced QNUPS which made overseas pension plans more attractive for the local people and pension plan seekers. QNUPS even allows owning or purchasing the land form the pension fund which was not allowed in QROPS. By using QROPS and QNUPS the UK citizens who build pension funds have a lot of options diversify the investment portfolio.
Professional Assistance for Purchasing the Best UK Pensions Plans:
You can find professional assistance for buying the most suitable UK Pension plan for overseas. There are many companies who guide you and provide you with the best suitable option for pension plans available in the market. QROPS and QNUPS systems provide you the best rates and a lot of tax exemptions such as exemption from IHT and CGT.
You can find thousands of articles on UK Pensions plans for overseas on internet before deciding what suits you best. You just need to visit the website of a professional firm which deals with pension plans and request for assistance. They will contact you themselves and provide you the required information on UK Pensions plan for overseas. But be careful and try to contact and take the services of a recognized firm. There are a number of fraudulent companies that offer QROPS and QNUPS that is not in line with the HMRC rulings and discretion is therefore advised when choosing a finance company to do business with.