QROPS Europe (EU)
QROPS for Europe (EU) Residents
Since Brexit, the ability for an FCA Regulated Adviser to provide investment or retirement advice to an EU resident has ceased with the end of the Passporting rights into The EU. https://www.fca.org.uk/firms/considerations-firms-after-transition-period
Only a firm properly licenced and regulated in the EU with direct regulatory permission into the country you may be resident can provide these services to you.
However, if your pension is safeguarded (Defined Benefit), there is still a mandatory requirement to obtain advice from a UK Pension Transfer Specialist firm like Dominion Financial Management. Under the FCA’s rules, we can still provide this pension transfer advice, but we must work jointly with the firm in the EU you are going to be taking your investment and retirement advice from.
If you do not have a Financial Advice firm you can trust in your country of residence, we can introduce you to firms we trust for you to speak to.
QROPS is still very much a consideration for EU residents, but the situation is very complex and requires detailed tax analysis. All EU countries have different taxation rules with regard to income payments from pensions, and they can differ greatly if the pension remains in the UK or is transferred to a QROPS in Malta, for example.
Dominion Financial Management is not qualified or licenced to provide this detailed tax advice but we have a strong working knowledge of how it works in most EU countries and can introduce you to tax advisers in your country of residence to obtain the advice you need before proceeding.
If you have a defined benefit pension and are considering an EU QROPS we can certainly help.
Get in touch with us today.
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