Offshore advisers predict rising sales of Qualifying Registered Overseas Pension Scheme (QROPS) products this year, mainly because income drawn avoids UK tax.
Three-quarters (74%) of advisers polled by Skandia International said they expect to write more QROPS business over the next year, with avoiding UK tax the main reason. Retirees can use QROPS to consolidate UK pension assets to give flexibility in overseas retirement planning, using a range of investment and currency options. Wider investment choice within a QROPS was the second most common reason advisers cited for recommending the scheme. The most popular underlying investment choice among 64% of advisers was an offshore investment bond , followed by mutual funds (23%), stocks and s...
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