Are you aware that HMRC has cut all French PERP/QROPS?
As of December 2016, all French PERP/QROPS were delisted by HMRC. A PERP (Plan d’Epargne Retraite Populaire) is a long-term savings product that provides an additional regular income from retirement age. A QROPS (Qualifying Recognised Overseas Pension Scheme) is a non-UK based pension scheme recognised by HMRC and therefore able to accept the transfer of a UK pension.
As a result, you are no longer able to transfer a UK pension to a French PERP/QROPS.
Already moved to France?
If you have already moved to France and transferred to a French PERP/QROPS then, unfortunately, you are unable to transfer back out. Your only option is to draw down the funds in line with French pension regulation.
As of December 2016, if you haven’t moved your pension to a French PERP/QROPS then do not do so as you will not be able to transfer out.
What can you do?
Whether you have already moved to France or are planning on doing so, you don’t need to worry about your UK pension. Harrison Brook has an international solution, that is fully UK and French compliant and allows you to access your UK pension monies whilst living in France. The answer is an International SIPP (Self Invested Personal Pension)
What is a Non-Resident / International SIPP?
An International SIPP allows for the transfer and consolidation of UK pensions to a single personal pension structure. An International SIPP allows the holder to access their UK pension overseas, whilst remaining under UK regulation.
Some other key features of an International SIPP include: Consolidate several pensions into one place.
- Tax-free lump sum.
- Low-cost charging structure (from Harrison Brook).
- Full flexi access drawdown.
- Invest in all major currencies
- Take control of your investments.
- Protected under UK regulations.
- Tax efficient saving
How to transfer an existing pension into an International SIPP
While the process of transferring an existing pension into an International SIPP is fairly straightforward, it is imperative that the transfer is done correctly and into a recognised and approved scheme, not a French PERP/QROPS.
Using the services of Harrison Brook, specialists in expat financial advice and services, will make sure the transfer is done correctly and cost-effectively, fully on a transparent ‘fee’ based model of advice. We are based in the South of France with extensive knowledge of locally compliant solutions, French investment legislation as well as UK rules and regulations.
Take the first step
To get discuss your requirements and find out what options are available to you speak to an International regulated adviser. Get Started Now!
The information contained herein is for informational purposes only which is subject to change and should not be relied upon. You should seek advice from a professional adviser before embarking on any financial planning activity.