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  #41  
Old 24.01.2012, 14:41
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Re: Transfer UK pension to QROPS in Switzerland after 5 UK tax years

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If there are major changes in regards to the QROPS laws in Guernsey the knock on effect could be a great number of people out of work within the financial services sector on the Island. If that were to happen i reckon the companies will then relocate to the likes of Malta and set up shop there.
In all honesty though with the financial clout of Guernsey i don't see the bill going through as originally planned.
Again, April will tell us all!

I agree with you there the bill will not be passed this year, 2013 at the earliest
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  #42  
Old 24.01.2012, 15:03
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Re: Transfer UK pension to QROPS in Switzerland after 5 UK tax years

Pensions always interesting - of course the older you are the more so....
I was checking the numbers on my annual statement here in Switzerland , pillar 2. It would seem that I would have to draw a pension for 20 years before I even get back the cash that has been paid in.
That being the case I would take the cash , leave Switzerland , and live off the capital.
At 65 retirement is clear and you get the cash. What about 62 or 63? How do you confirm you will be self-employed to a Swiss provider if you are living elsewhere (EU). If I want to set up a boat storage company on a field in a distant rural location what then??
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  #43  
Old 24.01.2012, 15:12
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Re: Transfer UK pension to QROPS in Switzerland after 5 UK tax years

You can take retirememt at 60 & get the cash then, the 'pension payout is a joke IMHO' cash up front works for me!

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Pensions always interesting - of course the older you are the more so....
I was checking the numbers on my annual statement here in Switzerland , pillar 2. It would seem that I would have to draw a pension for 20 years before I even get back the cash that has been paid in.
That being the case I would take the cash , leave Switzerland , and live off the capital.
At 65 retirement is clear and you get the cash. What about 62 or 63? How do you confirm you will be self-employed to a Swiss provider if you are living elsewhere (EU). If I want to set up a boat storage company on a field in a distant rural location what then??
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  #44  
Old 24.01.2012, 20:03
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Re: Transfer UK pension to QROPS in Switzerland after 5 UK tax years

If you search on the HMRC website for QROPS you get a lot of hits.

If you search HMRC website for "European Union Retirement Benefits Schemes" you receive no hits that lead to EURBS.

If you use Google to search for
"European Union Retirement Benefits Schemes" AND HMRC

then you only hit The Beers advertising.

Seems HMRC are not recognising EURBS. That could cost you.
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  #45  
Old 30.01.2012, 11:52
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Re: Transfer UK pension to QROPS in Switzerland after 5 UK tax years

Promoting EURBS, QROPs, etc.
"...those living and working abroad, wherever they are in the world...have distinct benefits"
Advocating retirement planning for children (Huffington Post)
"...Green affirms that the risk of not teaching this ‘life skill’ would be to condemn “a whole generation to a poverty-stricken retirement"
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Last edited by Reb77Br; 30.01.2012 at 13:10.
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  #46  
Old 25.02.2012, 13:03
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Re: Transfer UK pension to QROPS in Switzerland after 5 UK tax years

I'm glad to have found this up to date thread as we are thinking we might transfer a personal pension from the UK to CH. We are here on a permenant contract and won't move probably until the children are through school (so 10 years). We don't know when nor where to we will retire. I understand the requirement to move the pension to a QROPS scheme, and we wouldn't really be looking to take out cash.
The question would be whether we could make further contributions to this when it is in the Swiss scheme, and is there a tax advantage to that? We don't really have a big enough pension pot yet, and we can't contribute in the UK as we're not resident and haven't been for 9 years. We think it might be a good idea to transfer now before sterling drops even more and because Switzerland seems a better longterm bet for a stable currency/economy, making your money work for you. Will it probably be better to draw a pension in CHF than £s?

We did briefly talk to a pensions advisor but a quick search made us realise they were a bunch of shysters - one of the 'those who cannot be named'
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  #47  
Old 25.02.2012, 16:38
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Re: Transfer UK pension to QROPS in Switzerland after 5 UK tax years

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I'm glad to have found this up to date thread as we are thinking we might transfer a personal pension from the UK to CH. We are here on a permenant contract and won't move probably until the children are through school (so 10 years). We don't know when nor where to we will retire. I understand the requirement to move the pension to a QROPS scheme, and we wouldn't really be looking to take out cash.
The question would be whether we could make further contributions to this when it is in the Swiss scheme, and is there a tax advantage to that? We don't really have a big enough pension pot yet, and we can't contribute in the UK as we're not resident and haven't been for 9 years. We think it might be a good idea to transfer now before sterling drops even more and because Switzerland seems a better longterm bet for a stable currency/economy, making your money work for you. Will it probably be better to draw a pension in CHF than £s?

We did briefly talk to a pensions advisor but a quick search made us realise they were a bunch of shysters - one of the 'those who cannot be named'
Sounds like you want to sell at the bottom! Interestingly just before the SNB intervention loads of people wanted to change £ for CHF.
A uk pension is likely to be far more widely invested than a CH one so has the liklehood of growing far more over time. Unless you will retire here your increasing your 'risk' putting all your eggs in CHF.
Had you done this 5 years ago, when the £ was strong & the CHF was weak it would have been a good idea, however you would not have wanted to as the £ & the UK economy was strong.
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  #48  
Old 26.02.2012, 08:29
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Re: Transfer UK pension to QROPS in Switzerland after 5 UK tax years

There's a lot of things we would have done four years ago when we moved here if we'd have known the UK economy and the £ was going to tank, but life in hindsight isn't possible. Interesting that you say that UK pensions are more widely invested - is that because the CH pension funds are more cautious?
My main concern is that we're only paying into the state pension and then the pillar 3a (which is only 6k or so a year). I hope the swiss state pension system is sound because if it turns out anything like the UK system we'll be retiring on a pittance.
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  #49  
Old 26.02.2012, 08:58
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Re: Transfer UK pension to QROPS in Switzerland after 5 UK tax years

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There's a lot of things we would have done four years ago when we moved here if we'd have known the UK economy and the £ was going to tank, but life in hindsight isn't possible. Interesting that you say that UK pensions are more widely invested - is that because the CH pension funds are more cautious?
My main concern is that we're only paying into the state pension and then the pillar 3a (which is only 6k or so a year). I hope the swiss state pension system is sound because if it turns out anything like the UK system we'll be retiring on a pittance.
Have you paid into the UK system for 30 years? If not you should pay voluntry contributions. There is talk of increasing the payout some 30% as it would be cheaper than administering 'means testing' for the extra benefit as most of the population already receive it.
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