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QROPS – Key points in transferring you need to keep in mind!

Now all those people who have been suffering their bad days due to lack of availability of their UK pension fund now can expect better days. Because, with the advancement of QROPS transferring UK pension fund from UK to an overseas bank account is no more a subject to worry about. But, like all other financial and investment schemes, there are several complexities associated with QROPS. Among all the areas that involve so much financial complexities, transferring pension fund to QROPS is the utmost complicated one. But, you need not to be worried about it; here in this article we will discuss about some key points that you need to keep in mind before doing the transferring activity.

The financial experts say that whether a fund transfer to QROPS is suitable or not totally depends on your financial objectives and personal circumstances. Here one thing everyone should keep in mind that there are specific risks involved in transferring fund to QROPS if you have your money tied up in an occupational salary-related pension.

The Financial Services Authority regulates the advisor in the UK in order to protect your interests and the financial advisor should demonstrate a background in a recent successful QROPS fund transfer. Now let’s discuss about the most important points which you need to keep in mind while transferring your fund to QROPS.

Your financial objectives: QROPS is the most effective solution of UK pension fund transfer, but before you move out for a QROPS scheme you need to ensure what your financial objectives actually are.

Charges: First of all check the cost of fund transfer charged by the concerned authority. Charges of transferring fund to QROPS are not same, different service providers charge different fees. Before you make your pension fund transfer to your QROPS you are suggested to check the fee charged by the service provider.

Consolidating multiple pension plans: remember, transferring each pension fund should be considered on its own merits. The experts say that it makes sense because of administration costs and other ongoing charges.

In QROPS pension transfer if you are confused enough then don’t take your own decision without consulting with the experts. There are many financial and QROPS experts available throughout the world, before making any decision in investing your money to QROPS, don’t hesitate to consult with a QROPS expert. In this regard you can come online, which will be the smartest way of availing advises.

Currency exchange remains a key factor for many expats with UK Pensions and QROPS

Dated: Apr 28, 2010


The complexity for Pension and QROPS and investment strategies also needs continued monitoring of exchange rates.
Continuing our daily look at factors affecting currencies allows some insight into market conditions affecting exchange rates. Cash and income timing for UK Pensions and QROPS should be considered to maximise the Pension, QROPS and investment income and benefits taken.
Opinion polls pointing towards a hung parliament were the main cause of sterling’s weakness on Tuesday, whilst additional data released also hindered any positive move for sterling against the majority of currencies.
Sterling was down most of the day across the board, trading as low as €1.1501 EUR and $1.5280 a sorry sight compared to Monday’s gains against the euro which saw a matched 2010 high of €1.1662. This weakness again due to the fear of hung parliament in the UK, which would leave an uncertain outcome for a full economic recovery prompted investors to opt away from the pound and invest in the safe haven of the US dollar.
Analysts feel that the market is fixated on the outcome of the election on May 6th.
British retail sales growth came in at +13, which increased the 3 month average up to the best it has been for nearly 3 years, however this was slightly weaker than the consensus of +15. Mortgage approvals rose in March to 34,905 while net mortgage lending rose by £2.4bn, this did not aid Sterling as this was below consensus and the smallest rise since July 2009, which all added to sterling’s depreciation.
Sterling did make a recovery against the euro during the afternoon session but this was down to euro weakness rather than sterling strength as Greece and Portugal had their credit rating downgraded to ‘JUNK’ status by Ratings agency Standard & Poor’s. This gave sterling some of its losses back, reaching a day high of €1.1586 which was up 0.2% on the day.
Although this was positive for GBP/EUR, it did not aid GBP/USD as the EU members downgrade meant that the majority of investors opted for the safe haven of the US dollar rather than sterling as the political uncertainty perceives it to be risky.
By the early evening sterling was down trading as low as $1.5238, 1.4% down from the opening price $1.5454.
After the downgrading the euro fell to a year low against the dollar at $1.3143 down from a day high of $1.3415, over a 2% decline. This downgrade has further sparked investor concerns that other highly indebted states such as Spain could follow suit.

There is no UK data release today; however the US has their FED Committee Interest Rate Decision.

Gerard Associates Ltd advises expats and people considering living abroad on the options available for Pensions, QROPS and investments in a clear format allowing all customers to make an informed choice. This with the reassurance of UK authorised and regulated advice.