# Has anyone transferred their pension to a QROPS



## expatnomad (Sep 2, 2016)

Hello all,

I have recently moved to Spain and started having a look online about what to do with my private UK pension. I came across a website /SNIP/ and they recommended me on to an independent financial adviser to give me advice. The adviser I spoke to was chartered which made me feel a bit at ease but I do still have some queries.

I'm no expert but I am cautious when it comes to my hard earned money so I wanted to try and find out if anyone has been through the process themselves?

Apparently Spanish law does not recognize trusts and therefore require the pension to be under contract law to receive tax benefits in Spain. Can someone clarify this as it goes over the top of my head. Apparently I should send my UK pension to a QROPS based in Malta because they have a double tax agreement with Spain so I'm not taxed twice. I am then able to withdraw my funds and am taxed a lot less than a UK pension. If I leave it in the UK I get taxed in Spain as income tax but if I transfer it to a QROPS im only taxed on the growth element of my pension at 19%. 

Has anyone had any experience with this? The guy sounds trustworthy but I want to be sure im making the right decision.

thanks


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## rspltd (Jul 5, 2016)

There are lots of people who would be happy to get their hands on your pension so unbiased advice is hard to find. This site seems to be more even handed than most:
http://www.pensionsadvisoryservice.org.uk/content/spotlights-files/uploads/QROPS_SPOT021_V1.2.pdf


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## expatnomad (Sep 2, 2016)

Cheers that is a great site. Apparently a volunteer organisation as well so I guess its unbiased. It sounds good I just want to make sure I don't face any difficulties with the tax office in Spain.

Do you know how they are taxed in Spain?


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## Williams2 (Sep 15, 2013)

Although not QROPS - you might find this useful concerning the problems Expats ( who are Non Resident UK )
will have with the UK IFA's and the pitfalls your likely to encounter with the FCA rules, concerning Pension transfers
from Pension Pots in excess of £30,000 - particularly those concerning Defined Benefit, Final Salary Schemes.


Expat Spain Tasca forum - New UK Pension freedoms - problems transferring your Pension Pot


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## davids0865 (Apr 12, 2016)

Hi, I have gone the QROPS route, and I think that the basic principle is sound. The problem is your pot still has to be invested and the scope for mistakes are huge.

In the UK an IFA is not allowed to receive commission from the funds he advises you to invest in, not so in Europe, so your IFA could be a commission hungry person with little concern for your financial security, mine was, and lost 66% of my pot in 2.5 years.

OK, I was naive, but the warning is real, get everything documented, if you want low risk investments, make sure your IFA gives this back to you on paper. Look carefully at all suggested investment proposed, and start from the position that the risk is LARGE.

Someone who's advice I trust, said to me " An investment advisor will take your money and keep investing it until there is nothing left"

Good luck.


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