Philippines QROPS Boosted By Cash Buy Outs

By Retirement

British expats in The Philippines may not realise they could have more to spend as Britain’s top companies try to buy their way out of pension problems with massive cash offers.

It’s OK taking the money, but expats also need someone to stash the cash to make the most of the offer.

That’s why a Qualifying Recognised Overseas Pension Scheme (QROPS) is such a boon for expats.

Anyone in The Philippines who gets an offer from one of Britain’s FTSE350 companies should seriously consider their options.

Some firms have offered up to 30 times potential annual pension income to persuade retirement savers to leave their final salary scheme.

Is a pension buy out good for you?

Of course, they are just trying to shift the liability off their books – but the offer is a golden opportunity that needs careful consideration.

That’s where a qualified and professional QROPS specialist comes in.

They can analyse the offer by working out the financial pros and cons of moving to a QROPS.

The buy out is not always the best option for everyone, but comparing a final salary benefits with those of a QROPS is the only way to find out.

Although The Philippines has no QROPS provider, this is not a problem as many financial centres, such as Gibraltar and Malta are happy to let expats live wherever they wish while hosting their pensions.

How a QROPS can help expat finances

QROPS come with up to a 30% tax-free lump sum, pension freedoms like those in Britain and pay outs without tax deducted in one of several major currencies.

The offshore pensions specifically designed for expats also come with no lifetime allowance cap once funds are transferred out of the UK and estate planning options so unspent funds can be passed on to families and loved ones.

Managing investments is also a lot more flexible as QROPS can access more markets, currencies and commodities than UK pensions.

More than 1,200 QROPS pensions are available from 42 international finance centres.

Finding the right one for expats in the Philippines means tailoring a financial plan to personal circumstances.

Download the QROPS guide by filling in the form on the QROPS home page here

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