Shelter Offshore recommendes QROPS
Retirement savings advice for Britain's expats has been given by Shelter Offshore.
The director of the international lifestyle magazine said yesterday that it "makes sense" for UK residents living abroad to sign up to the recently-introduced Qualifying Recognised Overseas Pensions Schemes (QROPS).
After transferring prior pensions funds into a QROPS, any expat living abroad for over five years is allowed to make withdrawals and payments without notifying tax authorities in the UK.
This is particularly good news for those living in countries with little or no tax, such as the popular Middle Eastern destination of Dubai.
Rhiannon Davies, director of Shelter Offshore, commented: "Imagine if your QROPS provider is in a country where payments from such schemes are paid tax free - then pension related income can be enjoyed without the deduction of tax.
"Although do bear in mind that your liability to pay tax will be dependent on your country of residence at the time of receipt of monies."
More generally, recent research from NatWest shows that many Britons living abroad enjoy considerably improved personal finances.
The study found that expat professionals can expect an average salary increase exceeding 40 per cent by working overseas.
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