Gibraltar QROPS
A QROPS (Qualifying Recognised Overseas Pension Scheme) is a pension scheme established in a jurisdiction outside the UK that satisfies rules and regulations laid down by UK legislation (and has notified HMRC that it fits such criteria) in order to be able to receive transfers of UK registered pension schemes as authorised transfer payments.
The Trafalgar Pension Scheme (Trafalgar) is a personal pension scheme established under trust and tax approved in Gibraltar.
Pension income payments from a Gibraltar QROPS are subject to a withholding tax of just 2.5% at source. This means that if you have a QROPS in a different jurisdiction but live somewhere that does not benefit from a Double Tax Treaty (DTT) with your existing QROPS jurisdiction, a transfer to a Gibraltar QROPS may offer a more tax efficient option. As such, if you are a UK expat individual with an existing QROPS and are looking for a new provider, or are resident in Gibraltar with UK pension arrangements, Trafalgar may be the solution for you.
The trustee and administrator of Trafalgar is Boal & Co (Gibraltar) Ltd which, along with the scheme, is regulated by the Gibraltar Financial Services Commission (GFSC) under the Financial Services Act 2019.Trafalgar is listed with the UK tax authority HM Revenue & Customs as a QROPS.
There are a number of important considerations that are relevant to QROPS such as when you left the UK and when you completed your original UK pension transfer(s) to your existing QROPS and so we recommend that you speak with your adviser or get in touch so we can understand your specific circumstances and outline any specific conditions that may apply to your case.
Ask your adviser, or contact us, for more information
Trafalgar Key Features:
- Tailored Pension Payments: a range of payment levels calculated by our actuaries and personalised to your situation, taking into account how your fund is invested
- Succession Planning: Trafalgar can be used to provide a taxable pension income for a spouse or dependant and/or can pay out as a lump sum distribution on death with no Gibraltar tax due at source
- Increased Retirement Lump Sum: Trafalgar enables you to take a lump sum of up to 30% of fund value once certain criteria are met
- Investment Choice: ability to appoint an investment adviser/manager and access a wide range of assets held mainly through investment wrappers such as collective investment fund platforms and discretionary managed accounts
