Health insurance vs non o visa

[LannaGuy]

experiences? advice? Malta? Gibraltar?

[MichaelJohn]

I would say don't do it; but does anybody actually?

[SantiSuk]

Why would you say don't do it? Do you know it has no advantages to every class of person, or are you simply relaying that it makes no sense for you?

Agree that for some (perhaps most when it comes to Thai 'expats'? - in particular those with a potential pension income that would not break significantly into higher rates of UK income tax) it makes little sense to transfer, given the ability to take a tax-free 25% lump sum or equivalent in income drawdown (a proportion which might be reduced by Lifetime Allowance restrictions).

But for those of us who do not need their (one of their) pensions until beyond reaching the age of 75 it is a good way of carrying on the capability to transfer the value of that pension to a successor (eg wife and child) outside the UK's inheritance tax system. If you keep it in the UK and die post 75 than it attracts a tax charge of 45% on your estate (with proposals to take this down to marginal tax rate in 2016/17), assuming that your successor does not choose to continue taking a pension income. The attraction only applies to those with a level of assets who would otherwise incur inheritance tax of course.

Furthermore, transferring to a QROPS provides the opportunity to receive pension income taxed at rates that are significantly preferential compared with UK tax rates. Gibraltar is more like 2.5%, compared with UK taxation rates of 20% or even 40%.

Of course there are risks - you are moving outside the net of UK regulatory protection and there are costs allied to the move. It is absolutely essential to take advice from a professional adviser with relevant experience before making any changes to your pension plan. It is particularly important to choose a reliable professional adviser not a one product scamming merchant (QROPS have been particularly prone to the latter).

I hope I have convinced you that glib "don't do it" statements are not appropriate, though they may at least be a useful warning to the average punter.

To answer the OP's question. Currently in process of transferring one of my UK pensions not in payment (a simple Halifax stakeholder pension) from Halifax to a QROPS registered in Gibraltar, run by London & Colonial plc - an established financial services provider located in the UK. Adviser - Fry Group based in the UK and (inter-alia) Singapore. No I do not need competing advice thanks!

[Retired Chartered Accountant - I have no conflicts of interest in making the comments above and I do not sell accounting, pensions or tax advice]

[chiang mai]

Be aware that UK based IFA's will no longer accept UK non-resident expats who are resident in Thailand, even UK based IFA's that are passported (allowed to work in another country in which they do business) cannot get passported to work in Thailand. The closest you can get to whole of market independent advice is an expat IFA that is registered in Hong Kong or Singapore who will take on Thai based expats but this remains risky because of the lack of regulation here. EDIT to add, indeed Fry Group is one of the very few options available although it's not clear to me that any work they do for Thailand based expats is protected and/or regulated.

Edited September 30, 2015 by chiang mai

[LannaGuy]

Thanks for inputs it's very unlikely now I'll do it. Why take the risk with my NHS pension. Having now researched I can't see any advantages apart from inheritance tax and the whole concept makes me nervous as it's a large sum.