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  #61  
Old 24.06.2014, 19:02
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Re: Transfer UK pension to QROPS in CH - NOTE - 10 years now

Hello
May I restart this discussion? Today is the 24.06.2014.


I work for a 2-pillar (vesting) foundation in Switzerland and we have some QROPS clients.


I do not mean to use this as a "selling space" but a lot of good People from GB are not enough informed about their possibilites in Switzerland.


Please note: it's not 5 years, but it is 10 years now.


Normally there is no way to get the Money directly. The GB-Goverment saw to this because else they would loose tax-Money.


As I mentionned: normally.... see the flag?


If you are interessted in my advice so please feel free to contact me here.
And yes I am Swiss - German is my daily language.
Kind regards
2Pillar
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  #62  
Old 24.06.2014, 20:46
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Re: Transfer UK pension to QROPS in CH - NOTE - 10 years now

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Hello
May I restart this discussion? Today is the 24.06.2014.


I work for a 2-pillar (vesting) foundation in Switzerland and we have some QROPS clients.


I do not mean to use this as a "selling space" but a lot of good People from GB are not enough informed about their possibilites in Switzerland.


Please note: it's not 5 years, but it is 10 years now.


Normally there is no way to get the Money directly. The GB-Goverment saw to this because else they would loose tax-Money.


As I mentionned: normally.... see the flag?


If you are interessted in my advice so please feel free to contact me here.
And yes I am Swiss - German is my daily language.
Kind regards
2Pillar
As you can take 100% cash at age 55 the possible benefits of transferring have gone up in smoke.

10 years from becoming non resident is an important date as well, of course all subject to change in retrospect as before....
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  #63  
Old 11.12.2014, 12:30
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Re: Transfer UK pension to QROPS in CH - NOTE - 10 years now

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Hello
May I restart this discussion? Today is the 24.06.2014.


I work for a 2-pillar (vesting) foundation in Switzerland and we have some QROPS clients.


I do not mean to use this as a "selling space" but a lot of good People from GB are not enough informed about their possibilites in Switzerland.


Please note: it's not 5 years, but it is 10 years now.


Normally there is no way to get the Money directly. The GB-Goverment saw to this because else they would loose tax-Money.


As I mentionned: normally.... see the flag?


If you are interessted in my advice so please feel free to contact me here.
And yes I am Swiss - German is my daily language.
Kind regards
2Pillar
The simple way I understand this is: if you move them to Switzerland under a QROPS scheme you need to wait 10 years before you can do anything with them at all.

After 10 tax years, you can do whatever you want with them. Not 100% sure if you can take as cash but definitely use them to buy a house if you want.

Someone correct me if I am wrong, but for the first 10 years you're pretty much unable to do anything rather than watch them. Still, it's better than waiting until 55 if you're young.
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  #64  
Old 11.12.2014, 12:41
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Re: Transfer UK pension to QROPS in CH - NOTE - 10 years now

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The simple way I understand this is: if you move them to Switzerland under a QROPS scheme you need to wait 10 years before you can do anything with them at all.

After 10 tax years, you can do whatever you want with them. Not 100% sure if you can take as cash but definitely use them to buy a house if you want.

Someone correct me if I am wrong, but for the first 10 years you're pretty much unable to do anything rather than watch them. Still, it's better than waiting until 55 if you're young.
Who knows what the rules will be after 10 years........ They changed retrospectively before. As the UK does not allow the funds to be used for house purchase who is to say that they don't decide it's pension busting after the event.
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  #65  
Old 02.01.2015, 20:56
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Re: Transfer UK pension to QROPS in Switzerland after 5 UK tax years

True but I dont think they could get away with it for long if they raised it more than 10 years, it would be hard to justify. If someone is out of the country that long what's the point?

For anyone under 40 it still makes sense to move them here. Exchange rate right now is very favourable.
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  #66  
Old 03.01.2015, 00:02
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Re: Transfer UK pension to QROPS in Switzerland after 5 UK tax years

On the HMRC you get view the list of QROPS
https://www.gov.uk/government/upload...1457/qrops.pdf

Remember not to underestimate the currency movements in 2007 CHF-GBP was 2.5 now 1.50ish
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  #67  
Old 09.06.2015, 18:35
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Hi,
I am 50 years old, have a pension fund (TV awaited from my previous fund managers) which I would like to transfer to CH (Pillar 2) and pledge it to buy a home here in CH.
I am two months old in CH, British Citizen.
Is this possible and what are the top 3 key concerns I must consider?
Any guidance will be greatly appreciated.

Of course I understand the need to comply with QROPS and my potential transfer will be from a UK pension fund.
In fact, I have a second small one as well, which I plan to leave behind unless I can combine both and transfer at one time with no or minimum transfer costs.

Last edited by 3Wishes; 18.10.2016 at 23:02. Reason: merging consecutive replies
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  #68  
Old 09.06.2015, 18:50
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Re: Transfer UK pension to QROPS in Switzerland after 5 UK tax years

The pension can't be pledged for five years after the transfer - time in CH is unfortunately irrelevant.

For those five years the UK tax authorities require the pension to be treated pretty much that same as a UK one, so no pledging.

Sorry, just realised UK has gone through pension changes so checked further and found this on qropdirect.com

Quote:
Can I purchase residential property with my QROPS fund?
• Yes - If you have been a UK resident at any time in the last five tax years.
• If you have a QROPS and have not been at any time resident in the UK for the last 5 tax years, then the operation of the QROPS trust is subject to the legislation associated with the jurisdiction where the QROPS is based.
• Some of these jurisdictions do permit investment into residential property although most frequently this will be only permitted through indirect ownership that is through a corporate structure or property fund.
However as this contradicts professional advice I received in December, may just be advertising blurb with no basis.

Last edited by newtoswitz; 09.06.2015 at 18:59. Reason: Added potential correction
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  #69  
Old 09.06.2015, 18:59
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Re: Transfer UK pension to QROPS in Switzerland after 5 UK tax years

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The pension can't be pledged for five years after the transfer - time in CH is unfortunately irrelevant.

For those five years the UK tax authorities require the pension to be treated pretty much that same as a UK one, so no pledging.

Oops... Thanks for clarifying.. Just so that you have all the facts,
I stopped contributing to this fund end 2011. Will this count towards the 5 years?
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  #70  
Old 09.06.2015, 19:01
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Re: Transfer UK pension to QROPS in Switzerland after 5 UK tax years

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Oops... Thanks for clarifying.. Just so that you have all the facts,
I stopped contributing to this fund end 2011. Will this count towards the 5 years?
Sorry, please see my correction - UK had major pension changes recently, looks like it may (or may not) have changed.

Not much help I guess
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  #71  
Old 09.06.2015, 19:10
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Re: Transfer UK pension to QROPS in Switzerland after 5 UK tax years

Many thanks for your inputs.
I have been a continous tax assessed/paying resident of UK for the past 8+ years. Not sure how to interpret the message. :Let me do further analysis at qropdirect.com. Thanks again and best wishes.
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  #72  
Old 09.06.2015, 20:10
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Re: Transfer UK pension to QROPS in CH - NOTE - 10 years now

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Hi,
I am 50 years old, have a pension fund (TV awaited from my previous fund managers) which I would like to transfer to CH (Pillar 2) and pledge it to buy a home here in CH.
I am two months old in CH, British Citizen.
Is this possible and what are the top 3 key concerns I must consider?
Any guidance will be greatly appreciated.
The UK may believe your pension busting, its a hell of a risk IMHO
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