Do you know your QROPS? The chances are, if you’ve ever worked in the UK, knowing about this scheme will have some economic impact on you. We all know how bad TEFL teachers are at planning for the future, but you really should be thinking about a pension. First, back to basics: what is a pension? Basically, it’s a regular source of tax-free income for you to live on when you reach the age of retirement. As contributions towards your pension fund during your working life also receive tax relief, it’s much more tax-efficient than other methods of saving. In the UK, the government department responsible for managing and administering state pensions and other pensions-related benefits is The Pension Service, which is part of the Department of Work and Pensions. Now, here’s something you may not know about: if you’re an international worker who has worked in the UK at some time in the past, you were probably a part of a UK personal or state pension.
The issue of UK pensions is often raised on the ELT world forums. Here’s some good news. Since April, 2006 it has been possible to move what had previously been a Frozen UK Pension from a taxed environment into an tax-free offshore environment. This has been made possible via the scheme known as QROPS (the Qualified Recognised Overseas Pension Scheme). Basically, you can now gain access to your frozen UK pension money. The Lost UK Pension website has been set up to help you understand the QROPS scheme and how you can gain access to your lost UK Pension money. There is plenty of information on QROPS and available experts who can help you find out how you can unlock your lost UK pension.
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