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QROPS for UK Pensions

Qualifying Recognized Overseas Pension Scheme

QROPS is a new International Pension Scheme which was launched in April 2006. It allows for non-UK tax residents who are overseas and currently hold a UK pension which is registered with Her Majesty’s Revenue & Customs ("HMRC") to transfer these pension assets to a “Qualifying Recognized Overseas Pension Scheme” named QROPS.

A QROPS is structured in a similar manner to a UK pension, i.e. there is an investment vehicle which is owned on your behalf by a pension administrator (trustee). The difference arises where the pension administrator is based outside the UK and only reports back to HMRC, after the QROPS has been running for five years there will no longer be any obligation to report to the UK HMRC.

Benefits of converting to a QROPS

• Potential for payments to be received without a deduction from the UK taxation department. (Individuals will be responsible for declaring the income in their own country of residence.)
• Investments domiciled in any major convertible currency.
• No requirement to purchase a compulsory UK annuity within QROPS.
• Low minimums and no age restrictions on plan entry.
• Fees based on a sliding scale.
• Access to leading investment advice and managers.
• Ability to hold unique investment vehicles.
• Flexibility of choosing your own investment strategy.

If you are looking for asset protection and tax effective planning QROPS could be the right solution for you. LOM Asset Management Limited has partnered with leading industry professionals to make sure you receive the right advice and recommendations; we ensure your conversion to a QROPS is professionally handled.

Visit the following pages to Apply for a QROPS or determine If You Are Eligible or call an LOM QROPS Specialist at (441) 294-7013.