July 27th, 2012
Retirement planning is a very important part of overall financial planning which enables a person to channelize one?s income into right saving and investment plan such that they could lead their post-retirement period in a safe and secure way. This should be made in one?s golden period of life when one is in one?s youthful days. The earlier one starts the better it is for the sake of long term benefits and other prospects. A person in UK contributing to UK pension fund and planning to move to overseas for better work prospects can transfer their pension fund from UK account to the other. This can be safely done through Qrops transfer by selecting a suitable plan.
Qrops plan or schemes must be availed under the expert guidance of financial planners and recognized Qrops providers. The people can avail many benefits if they select proper Qrops pension plans. They can not only consolidate their pension fund by saving it from huge tax deductions but also avail other benefits of suitable income drawdown and investing a part of withdrawal money in suitable schemes. Even in case of the death of the pension holder the fund can be passed in its entirety to the beneficiaries without any hassle and no liability of any inheritance tax to be paid.
There are certain income drawdown death benefits which assure the person that the amount will go to the right hands and the beneficiaries will be able to draw benefits from the same. However to avail the same the pension holder must make the right choices before the outset. If the pensioner selects to provide his or her spouse or dependent a particular amount of income as monthly pension then he may select such option and thus the pension will be provided to the beneficiaries till their death. There are other options as well such as the beneficiary may avail to withdraw a lump sum on the pension fund in which 55 percent of the gross fund is deducted as tax charge after the death of the pensioner. They may also convert their income drawdown into annuity on which the withdrawal income is taxable on a PAYE (Pay as You Earn) basis.
Qrops pensions thus makes the pensioner assured of proper consolidation of pension fund and thus this helps the person to move freely to different country for settlement and better work prospects. The pensioner can enjoy the financial flexibility to select the investment plan for investing a part of one?s pension fund in stock market, retail or insurance and other business sectors. Besides these, Qrops pensioners need not purchase an annuity and they can also avail multiple income drawdown death benefits even after the expiry of the pension holder.
About the Author
Chris Millor writes for Gerard Associates LTD, for more information on income drawdown death benefits, click on Qrops pensions.
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