Can the fund purchase commercial property? Yes, provided the purchase is conducted on a strictly commercial basis.


From what age can I take benefits? From age 55. Can I take a loan from the QROPS fund? Yes, in certain jurisdictions this is possible.


Will I be able to take my Tax Free Lump Sum Benefit? Yes. Normally 25% would be available to you, but in certain circumstances, this could be higher in some jurisdictions, after you have achieved 5 years non residency for UK tax.


How much income can I take? Within the first five years, it will be based on Government Actuary Department (GAD) rates. Subsequently there may be an opportunity to increase your income, depending on the jurisdiction that you have chosen.


What happens if the jurisdiction’s pension rules differ from those in the UK? The jurisdictions rules are combined with UK QROPS rules. Generally, whichever rules are the most strict apply.


Can I put several UK pension schemes into one QROPS? Yes, you can combine all of your pension funds into one QROPS providing ease of management and control. We strongly recommend that you seek financial advice before proceeding, particularly in respect to Final Salary Schemes.


How do I know if a scheme is a QROPS? You can see a list of QROPS on the HMRC website www.hmrc.gov.uk/pensionschemes/qrops.pdf. The Westerby International Retirement Plan conforms to HMRC regulations and is listed on their website.


Does it take longer for my beneficiaries to inherit a QROPS than a UK-based scheme? No, because you can nominate beneficiaries to your QROPS, your scheme can be passed on quickly and easily to your family.


Are there any exit fees? We will transfer your QROPS to the relevant jurisdiction free of charge. In addition there are no exit fees should you wish to move your QROPS to another provider.


Is my pension fund affected by currency exchange rates? No, because you can invest and receive payments in your local currency or any other currency of your choice.


If you have any further questions not covered by this guide, please feel free to contact us or your Independent Financial Adviser by e-mail or phone. Alternatively, you may wish to visit www.westerby. co.uk and complete the ‘Contact us’ form so that a member of our team can call you back at your convenience.


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