Brits Moving Their Pensions Abroad
An increasing number of British expatriates move their pensions abroad, which has been supported by the findings of two financial advisory firms. The first, the deVere Group, saw a 15% rise in the number of their clients who decided to move their pensions into Qualifying Recognised Overseas Pension Schemes in the year just gone.
Figures also show that almost 10,000 British expatriates move their pensions abroad each and every year. This has been an avenue for these individuals since 2006, when these schemes were created.
Pension pots a target for the government
Since the schemes are HM Revenue & Customs recognised, it means many can feel safe that their pensions are under no threat when they move them to another scheme elsewhere. One of the biggest reasons for pensions moved outside the UK is the problem with the pension system in the United Kingdom. It is felt that there is no real incentive to keep pensions in the UK, due to reasons such as age-related benefits being scrapped.
Moreover, many current pension savers have said that pension savings in general have been the target for government raids. And so in order to maximise the value of their retirement savings, many British expatriates move their pensions abroad into QROPS recognised by HMRC.
One of the other reasons as to why pensions were being moved was given by Justin Harris the managing director of Chase Belgrave, a financial advisory company. Who said that many Brits had decided to move abroad due to the state of the UK economy, and as such these Brits have moved their frozen pensions offshore in order to get the most from their retirement nest eggs.