There are now a number of options for QROPS placement - mainly Malta, New Zealand and Isle of Man.
Before deciding on where to place your valuable pension funds though it is vital to decide whether QROPS will be in your interests - there are other options available, including leaving well alone, or SIPPS in the UK.
For an impartial review of what would be best for you, and have the best chance of securing your future income, arrange a meeting with one of our advisers in Singapore. Meyado is here to help you through this difficult and important decision making process.
Contact us at our website http://www.meyado.com.sg/
Mark Paine
Meyado
Singapore
Showing posts with label mark paine. Show all posts
Showing posts with label mark paine. Show all posts
Monday, July 23, 2012
Sunday, April 3, 2011
QROPS Information Event
If you have lived in Singapore for more than 6 months, chances are you have been "cold called" by a financial adviser in town offering you QROPS. Meyado does not cold call our clients, but we do want to pass on the opportunity to get to the bottom of QROPS.
Is it appropriate for you?
What is it?
How does it work?
What are the costs?
What is the downside?
All will be revealed during a friendly, non-sales information event held on April 14th, 6pm at One Raffles Quay, Singapore. For an invitation please contact markpaine@meyado.com
Is it appropriate for you?
What is it?
How does it work?
What are the costs?
What is the downside?
All will be revealed during a friendly, non-sales information event held on April 14th, 6pm at One Raffles Quay, Singapore. For an invitation please contact markpaine@meyado.com
Thursday, March 31, 2011
More compelling reasons to look at QROPS
There are an estimated 5.5 million British expatriates around the globe, which equates to roughly one tenth of the British population. They have combined pension assets of 625 billion pounds, and have an average income of 129,000 pounds a year.
With fears over underfunding of UK pensions the QROPS marketplace is increasing in size. 7,300 QROPs have been established so far with a combined value getting on for half a billion pounds.
HMRC through the recent budget has become more aggressive over taxation of UK pensions, decreasing maximum tax free contribution amounts from 255,000 to 50,000 and reducing the lifetime allowance to 1.5 million as of next April.
Residual values in pensions will be taxed at a lower rate but will still be 55% of the value.
Inheritance planning is a compelling reason to transfer into QROPS, in your onshore pension only 50% of the remaining value will pass to your spouse, less to your dependents if your spouse is no longer around. QROPS will legally avoid UK inheritance taxes for your estate.
Finally leaving the UK with a number of small pensions, consolidation makes accounting and managing your funds so much easier, and you can also invest into different currencies.
For specific information and advice on your own planning please contact me at markpaine@meyado.com
With fears over underfunding of UK pensions the QROPS marketplace is increasing in size. 7,300 QROPs have been established so far with a combined value getting on for half a billion pounds.
HMRC through the recent budget has become more aggressive over taxation of UK pensions, decreasing maximum tax free contribution amounts from 255,000 to 50,000 and reducing the lifetime allowance to 1.5 million as of next April.
Residual values in pensions will be taxed at a lower rate but will still be 55% of the value.
Inheritance planning is a compelling reason to transfer into QROPS, in your onshore pension only 50% of the remaining value will pass to your spouse, less to your dependents if your spouse is no longer around. QROPS will legally avoid UK inheritance taxes for your estate.
Finally leaving the UK with a number of small pensions, consolidation makes accounting and managing your funds so much easier, and you can also invest into different currencies.
For specific information and advice on your own planning please contact me at markpaine@meyado.com
Monday, February 28, 2011
The Main Benefits of QROPS
At Meyado the most common question we receive is, "What are the main benefits of QROPS?"
There are 2 main benefits, Income Tax and Death Duty.
Income tax applies to income in the UK. It is possible that you may reclaim income tax once paid from your pension income, but this is not always possible and at best will incur administration, time and hassle. Income from QROPS is paid free of UK tax.
Secondly, there is no Death Duty to pay on your QROPS fund when you die. That is to say that it stays outside of your estate for Inheritance Tax purposes.
Of course every client has different circumstances and there may be aspects to consider in your particular circumstance, we are always happy to discuss QROPS on a no obligation basis. Simply contact singapore@meyado.com or visit our website http://www.meyado.com.sg/ for more information
There are 2 main benefits, Income Tax and Death Duty.
Income tax applies to income in the UK. It is possible that you may reclaim income tax once paid from your pension income, but this is not always possible and at best will incur administration, time and hassle. Income from QROPS is paid free of UK tax.
Secondly, there is no Death Duty to pay on your QROPS fund when you die. That is to say that it stays outside of your estate for Inheritance Tax purposes.
Of course every client has different circumstances and there may be aspects to consider in your particular circumstance, we are always happy to discuss QROPS on a no obligation basis. Simply contact singapore@meyado.com or visit our website http://www.meyado.com.sg/ for more information
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