The decision to transfer your pension assets into an overseas pension should not be taken lightly. Today there are literally hundreds of websites which claim to offer professional QROPS advice, but which in fact are little more than information websites which have been copied from other reputable sites. So if you are considering a QROPS transfer, then you should at the very least seek the advice of a fully regulated professional adviser.
As part of the QROPS advice, you should ask the adviser to prepare a transfer value analysis of your pension options. This analysis will compare various options for your pension, and compare the effects of costs and charges on transferring your pension into a QROPS scheme, and keeping the pension where it is. If it is more beneficial to transfer your pension, then the transfer process can commence.
The first stage generally in the QROPS transfer process is generally to request an up to date transfer valuation and transfer discharge papers from the existing UK pension administrator. These papers will then need to be completed, and sent back to the administrator. The administrator will have their own internal requirements as to what they need, but generally they will need to see an original utility bill, birth certificate and a copy of your passport. So it is generally advisable to prepare these papers in advance to save time to during the process.
The next stage is to complete the application to enrol you as a member of the new QROPS scheme, in whichever jurisdiction your adviser has recommended for you. This will generally be in a country such as New Zealand, Isle of Man and sometimes a QROPS in Gibraltar will be chosen. Then the exact location will depend on your financial goals, objectives, the size of your pension fund, and where you are resident at the time of the transfer.
The next step is to decide how your pension fund will be invested, and to make the necessary arrangements to open an investment account, or an offshore bond, depending on what your investment requirements are. And f course, when the account has been opened, you will need to invest the fund in your chosen investment funds, which can range from equity funds, bond funds, capital guaranteed funds and a whole range of other funds and products.
Finally, you just sit back and enjoy the benefits of a well performing, QROPS pension in a safe, stable jurisdiction, away from the eyes an and greedy eyes of the UK taxman!