In common with many people, Mr S. had been employed by a number of Companies throughout his career. The length of service varied in each case but the total amount, once combined, was in excess of £100,000.

At 55, he had left the UK for sunnier climes and was in a quandary as to how to deal with his UK pension rights.

With his authority, we obtained the relevant information from the original Providers and it became apparent that none of his schemes had any specific guarantees or defined benefits, which increased the likelihood of a transfer to a QROPS being in his best interests.

Mr S. had no interest in becoming involved in the management of his Funds on a day to day basis and the decision was made to utilise the QROPS “Managed” Fund of a Major UK Institution, issued through their Guernsey Office.

After completion of the transfers, Mr S. now withdraws 8% of his Fund per annum, payable monthly to his overseas account, which he can access through the local ATM system or via Internet Banking. Subject to the Trustees approval, he can also request “Lifetime requirement” payments for one-off purchases, such as home improvement or a new car.

He has no intention of returning to the UK, therefore, there is no requirement for him ever to purchase an annuity, allowing him to leave all his remaining Pension Fund intact for the benefit of his dependants. In addition, there will be no liability to Inheritance Tax and his nominated beneficiaries will receive the Funds direct, with no requirement for probate.