Transferring your UK pension abroad into a suitable pension plan should only be considered after all of QROPS’ advantages and disadvantages are fully scrutinised.
 
Starting with the downsides of QROPS we will consider each point and determine whether any benefits outweigh them…

If this applies then a QROPS is the wrong pension for you. You may wish to consider a UK based self invested personal pension (SIPP), stakeholder pension (SHP), or similar
It is possible to consolidate all your existing UK pensions, (excluding non funded defined benefit schemes) which have already benefited from tax relief, together. The best retirement savings plan for future contributions will be dependent upon your circumstances and will probably involve using a non-QROPS account. This, however, would not disadvantage you compared to keeping a UK pension
The transfer value offered by your existing pension provider should provide sufficient compensation for giving up any rights you hold. If it is insufficient then you should not transfer your pension

 
QROPS benefits and drawbacks, pros and cons, advantages and disadvantages, strength and weakness graphic
 

Questions should first be asked regarding how the QROPS status was lost? It could be the result of rule changes affecting a jurisdiction or, alternatively, it could be provider specific. Determining the exact cause will affect how the situation should be dealt with.
 
For those who wish to it, could be possible to transfer their QROPS free of charge to another jurisdiction. This is dependent upon the plan held and should be discussed at the outset
You may wish to use a specialist who can provide information on the regulatory environment of the top jurisdictions that are suitable you. This way you can be sure that the minimum level of security offered is in line with your requirements
We advise that you do not access your pension earlier than allowed. It is important to use a trustworthy company to transact all financial dealings
The sheer scale of choice can make investigating which is the best QROPS provider for you daunting. Help is available to guide you if required
It is usually in your interests to use a firm which specialises in QROPS transfers rather than a generalist. The most important aspect is that you use a trustworthy knowledgeable company

As has been demonstrated each QROPS negative is either counteracted by a positive or it simply isn’t the correct option for you. If it still is a possibility then you could take advantage of all or some of the QROPS benefits on offer;

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Weighing up QROPS benefits and drawbacks written by Liberty Wealth average rating 4.8/5 - 9 user ratings