Posted by admin on Oct 26, 2017

Why Do You Need RSOP Pension Advice?

When you are nearing your retirement, you have a lot of things to think of, like where to retire and what type of pension will work best for you. If you want to move abroad and live there for good, it is important that you hire a financial advisor to explain and give RSOP Pension advice. Here are the reasons why:

  • What is RSOP?

Recognised overseas pension schemes or ROPS is the process where people can transfer their fund to another country and provider. If you hire an advisor, you will fully understand the retirement information about the country where you want to settle.

  • Location

The choice of the country where you plan to retire may have an impact in your life. There are elements, such as tax and currency choice, that can affect you. By consulting the advisor that can explain RSOP Pension advice, it will be easier for you to choose the country where you want to live.

  • Tax

If you are a British citizen with a retirement fund in the UK, you can still enjoy the tax relief on your contributions. This will stop if you are living overseas for five consecutive years. However, there are some people who pay for tax after they move in. To know the tax policy of the area, ask the financial advisor and she/he will clarify things about your tax.

  • Guideline

There are many rules that you need to remember to ensure that the transfer is done correctly. The expert will explain to you that that scheme must be established outside of the UK and there is a limit of the amount that an individual can increase in a privileged fund. The person who will give ROPS pension advice will also tell you about the requirements to qualify for this program. Talk to a company that can help you. Visit the website of Pyrmont Wealth Management.

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