Transferring Military Pensions to QROPS

Armed Forces pensions may be transferred to QROPS (Qualifying Recognized Overseas Pension Scheme)

soldierAll those who have served in the Armed Forces but have not completed their full service of 22+ years are eligible to transfer their frozen benefits to QROPS and receive their pension benefits at age 50 as opposed to 60 in the UK and worldwide.

You may take a larger lump sum of 30% tax free and an enhanced income that could be income tax free or vastly reduced.

David himself is an ex-military man and has himself been through the process of transferring his own military pension into a QROPS, so fully understands from a personal point of view just how complex the process can be.

As an example a pension fund of 50,000 pounds with the Armed Forces pension would provide 12,500 pounds as a tax free lump sum and an annual income of 920 pounds per annum after tax.

Whereas a QROPS pension would provide a tax free lump sum of 15,000 pounds and an annual income of 2,268 pounds. (Information correct as at 14th January 2014).

Further information about QROPS:

History of QROPS, why were QROPS created?

Benefits of taking out a QROPS for ex-pat residents

The most frequently asked questions in reference to QROPS

How long does it take to set up a QROPS

What are QROPS?

QROPS jurisdictions. Where can QROPS be based?

Talk to us about your QROPS needs

Transferring your pension

The major benefit of transferring your pension to QROPS is that your nominated beneficiary will receive 101% of your pension fund on your death, not the case when taking your benefits direct from the Forces pension scheme.