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Old 19.01.2012, 14:19
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Transfer UK pension to QROPS in Switzerland after 5 UK tax years

Hi,
has anyone ever transferred a UK pension to Switzerland to a QROPS and had full access to the cash? I mean, having the QROPS to pay it out to a personal bank account after the 5 year holding period is over.
I know it is easy to transfer the pension from UK to a QROPS and I have done it before for around GBP 10k but it went into a pilar 2 (Saeule 2) account which I can not access until retirement, buying a house, selfemployment etc.
A QROPS has no obligation to report cash withdrawals to HMRC once the member (me) has been lived outside the UK for a minimum of full 5 tax years, in my case by April 6th 2012 and has no intention of returning to the UK. HMRC only allows transfers to QROPS, otherwise there will be a fine of up to 55% of the value.
So does anyone know a QROPS that can put the funds into a non pilar 2 account to have access to the cash?
I am aware of the QROPS list on the HMRC website, most of them being Pensionskassen or Stiftungen, which is always pilar 2 and blocked.
I am looking for an alternative which can pay out the funds once the 5 years are over.
Looking forward to your answers.
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