English Forum Switzerland

English Forum Switzerland (https://www.englishforum.ch/forum.php)
-   Finance/banking/taxation (https://www.englishforum.ch/finance-banking-taxation/)
-   -   QROPS after 10 years..what are the options? (https://www.englishforum.ch/finance-banking-taxation/223196-qrops-after-10-years-what-options.html)

Troublawesome 30.11.2014 20:21

QROPS after 10 years..what are the options?
 
Hi

A question that came to mind is what happens after the 10 years pass of having your UK pension moved to a private Swiss QROPS. (like Liberty, Pictet etc and not your employer's)

After that, all reporting requirements fall away and local rules only apply. But what does that mean really?

Does it become like a 2nd pillar (or 3rd pillar) account?

Can you withdraw the cash from it if you want or move it in your company's non-qrops 2nd pillar pension?

I think the old limit was 5 years and a few people have done this already. How free are you with your money once the reporting period passes?

Kamarate 01.12.2014 08:59

Re: QROPS after 10 years..what are the options?
 
Your employer's pension fund can also be QROPS.

Troublawesome 08.12.2014 20:12

Re: QROPS after 10 years..what are the options?
 
It isn't though.

Anyone has experience on the question?

Troublawesome 02.01.2015 20:57

Re: QROPS after 10 years..what are the options?
 
Bump! No one?

My knowledge so far is that after 10 tax years away from the UK you can either:

- Move them to a Pillar 2 account
- Move them to your bank account and pay withholding tax and cash them in.

Mr Moose 17.05.2015 19:17

Re: QROPS after 10 years..what are the options?
 
The ten year rule has somewhat lost its significance following the UK pension changes in April.

Those over 55 who are looking to liberate 100% of the monies from their UK pension can do so immediately, albeit with the deduction of UK tax at source. (This may then be reclaimable under the UK-Swiss DTA).

A more attractive option might be to transfer to a Maltese QROPS and withdraw all the monies under their forthcoming flexible rules. Under such an arrangement, the withdrawal is paid without deduction of tax to residents of Switzerland (on the understanding that the investor will declare it locally).


All times are GMT +2. The time now is 19:21.

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0