Pensions from Uk to Thailand

For UK Expats or anyone considering living on foreign shores, leaving Pensions in the UK has been a problem both for control and how to take benefits in a tax efficient way. This has now changed. Real advantages are now available with a little planning and advice which gives Pensions the flexibility we would all like.

QROPS MEANS ( Quanlifying Recognised Overseas Pension Schemes) where Uk pensioners can move their pension to Thailand. UK Personal Pension funds can be transferred into QROPS either before the member takes pension benefit or even once they are receiving income from a Pension such as income drawdown currently in payment.

For a UK person to come to Thailand and bring their pension transferred to here they need to get permission from the HM Revenue & Customs in the UK. Yur intention to come to Thailand is to be a non resident of the UK? By removing yor pension from the UK system you avoid the risk of the fund being taxed when changes occur in the future. Therefore you stay on grandfather clauses.

If you leave in the Uk you will be taxed so it makes sense. You receive a tax free payment no over 30% of the fund value when you start. In the first 5 years any increase in payments must be advised to HM Revenueby the trustees but after 5 years you do not have to tell them.he can set up a company to buy into property & the higher the value the more he can invest into the same. Clients can appoint their own managers to assist them.If a client dies then after 5 years you pay no inheritence fee in the UK.

• No UK restrictions on the level of income taken at retirement after five full UK tax years. A principle of providing a lifetime income still applies.
• No requirement to buy an annuity at any age.
• On death pass the fund intact to spouse and heirs’ inheritance tax free

These are just some of the unique benefits plus the security and protection of dealing with a UK based and authorised FSA Regulated Independent Financial Advisory firm. Pension and investment values and income arising from them can fall as well as rise.

A QROPS or the Australian Superannuation Scheme which has been approved by H M Revenue & Customs to accept the transfer of pension funds from the UK. To gain HMRC approval, the QROPS has agreed to adhere to certain reporting requirements within the first five complete UK tax years after a migrant has left the UK.If your UK pension fund is transferred to an Australian superannuation scheme which does not have QROPS status a tax charge of 40-55% will arise. As from 1 July 2007 you can only transfer $150,000 per annum or $450,000 over a three year period. It may be possible to transfer your superannuation fund back to the UK. However in certain cases this would give rise to a tax charge of 30%.You could leave your superannuation in Australia. You will still be able to receive this free of Australian tax on your retirement at age 60. However, if you are resident in the UK, UK tax will be charged on this income.

In the event of your death, the unused balance of your superannuation fund can be paid to your nominated beneficiaries either as a lump sum or pension. If you become disabled your superannuation can either be paid to you as a pension or lump sum and is tax free. If you transfer your UK pension fund to Australia within 6 months of the date you became a tax resident of Australia, or whilst you are still a temporary visa holder, there will be no tax implications. If you transfer your UK pension fund to Australia after 6 months you will be taxed on any growth in the value of the fund from the date you became a tax resident of Australia.

Fees are normally 2.5% plus GST of the transfer value when funds are valued at less than $450,000. If the transfer involves more than one fund, Asset managers may charge an additional $350 plus GST for each additional fund or similar. Most minimum fees are $2,500 plus GST.

If your fund is valued at more than $450,000, the fee will be quoted individually and will be based on the amount of work necessary to arrange the transfer.