Work Abroad? Have a UK pension scheme? It may pay to Invest in a QROPS Scheme

If you have a UK pension fund and are planning to live permanently abroad during your retirement a QROPS scheme is (literally) made for you. QROPS are Qualifying Recognised Overseas Pension Schemes. That is, they are overseas pension schemes that are considered legitimate enough in the eyes of HMRC to manage your pension pot. For those who want to retire abroad this means they have options – Options are always good, so long as you know what they are!

Who Qualifies?

Certain UK pension pots are not eligible for QROPS and cannot be transferred. This includes,

  • A pension that has been used to purchase lifetime annuity.
  • Pensions where payments have previously been made through a “Final Salary Scheme” (annuity).
  • UK State Pensions

SIPPs, SSAS and most defined UK benefit pension schemes can be transferred.

An important thing to note is that having a QROPS will not affect any entitlement you might have to a UK state pension.

QROPS Options

UK pensions can be restrictive. QROPS are more flexible and offer up more options. A QROPS allows you to withdraw money how and when you want it. For example, you can choose to receive a higher income during early retirement and less later on when you really start to slow down. It is also possible to take out a lump sum, as much as you need.

Almost invariably QROPS can provide more options than UK pensions with regards to how your pension pot is invested. You will discover a flexible and extensive choice of funds available, able to suit different situations, goals and time-planning. Unlike guaranteed annuity there are some elements of risk with investment pensions. How much risk you are willing to take is also relative to the options available to you – Although of course, professional management will usually minimise risk.

What Countries & Pensions Qualify?

HMRC (who introduced this new scheme on April 6th 2006) has strict criteria that must be met for a foreign pension to qualify. Not all countries and all foreign pension schemes are eligible. In addition, transfer penalties as well as taxation depends on the country. However, it is not essential to transfer to a QROPS in the same country you retire.

The HMRC has a list of QROPS and the latest PDF can be downloaded HERE.

Get the Best QROPS for You

There is a myriad of options available using QROPS for UK pension holders who intend to retire abroad. Some countries do not recognise trusts (such as the USA and France), which can make taxation a difficult hurdle to manoeuvre. Without doubt, pensions and QROPS are a complex matter but many ex-pats have found them more than worthwhile. Even so, making the wrong move could cost you heftily. That is why it is absolutely essential to find out all the options and get the best advice by visiting a QROPS help centre and speaking with a professional pension advisor.

Transporting Medical Parcels – Extreme Care Required

The distribution of pharmaceutical products is widely known to be an art form in the transport industry. Not only are specialized refrigeration vehicles required but extreme caution must be taken at all times during the transportation of such. In addition, there are unique regulations which must be strictly adhered to in the transportation of healthcare products.

In many instances the transportation of healthcare products is not simply about getting items from one point to the next, it is about doing so with the most care possible. Often times transport companies are charged with the transportation of important pharmaceuticals which are required to save lives.

A professional medical transport company will ensure that they have correctly audited their management system and have employed highly experienced and trained drivers. The drivers will only work within a dedicated network of pharmaceutical professionals. Drivers should also be trained to know the importance of what they are delivering at all times.

The transportation of medical goods, can at times be a costly process. Each parcel is priced on its, weight and contents. Transporters will charge more for the movement of dangerous goods and will also charge more should the pharmaceutical company request multiple deliveries to the same destination.

How does the transportation of medical items work?

• Proper treatment

Specific treatment is required for the transportation of medical equipment and pharmaceutical products. Drivers need to consistently log the temperatures within the trucks. This assists the customer in knowing that the items delivered were not exposed to extreme temperature changes throughout the journey. In turn, this ensures that the pharmaceutical products are safe for human consumption.

• Constant focus

Many governments force transportation companies to adhere to strict demands when transporting medical equipment and pharmaceutical products. The stricter demands placed on the transporters ensure that only the best quality products are received by patients. Professional transporters specializing in the movement of medical items will ensure that the needs of their customer are strictly adhered too at all times.

• Service

Transportation companies which specialize in medical items will ensure that they put the needs of their customers before anything else. Whether the customer needs an air-conditioned or refrigerated truck, the top companies should have all the necessary vehicles in their fleet.

• Wholesaler deliveries

Wholesalers of pharmaceutical products are one of the most important links in the healthcare systems of any country. Many transportation companies will give preference to these wholesalers. Their deliveries would normally take place during the early morning when conditions are optimal for the safe delivery of goods. Choosing a reliable solution for your logistics needs is of utmost importance.

• Pharmacy deliveries

Large transportation companies in the medical field will very often assign only one driver to a specific route. This will ensure that the driver has the best knowledge possible of the area he travels. By doing this the companies are also assured that the driver will be on time with his daily delivery as he would have better knowledge of the area he serves.