Streamlining Your Pensions

If you’ve accumulated multiple pensions throughout your career and are now residing abroad, consolidating them into a single Qualifying Recognised Overseas Pension Scheme (QROPS) could be a wise move.

Why Consolidate Your Pensions?

Managing several pensions can be cumbersome, especially if you’re living abroad. Different pension plans often come with varied management fees, investment strategies, and administrative requirements. By transferring your pensions into one QROPS, you can streamline your finances, reduce administrative hassle and potentially lower your costs.

Advantages of a QROPS vs UK Pensions

Currency fluctuations: By transferring your pension into a Canadian QROPS, once you start to draw an income, you will be drawing this income every month in Canadian Dollars as opposed to GBP. This has significant benefits as you have control over the income you receive every month instead of being at the mercy of currency fluctuations throughout your retirement.

Simplified Administration: Consolidating multiple pensions into a single QROPS simplifies the management of your retirement funds. With Sterling Advisory, you’ll have a single point of contact and clear, consolidated statements, making it easier to track and plan your finances.

Investment Options: You will have the opportunity to invest in funds relevant to your geographical location in Canada, whilst also having your funds invested with a Canadian investment provider and the benefits of dealing with a company based in your country of residence, giving you the flexibility to tailor your investments to better suit your retirement goals.

Estate Planning: QROPS can offer more favourable terms for passing on your pension to beneficiaries, often with fewer restrictions and potentially lower taxes than UK pensions.

Ready to Consolidate?

Sterling Advisory specializes in helping expats transfer their UK pensions into Canadian QROPS. We ensure a smooth transition, handling all the paperwork and regulatory requirements, and keeping you informed every step of the way. We’ll provide personalized advice to ensure your QROPS aligns with your financial goals and retirement plans. Contact us today and enjoy your retirement with peace of mind and financial security.