As you look forward to retirement, you also want to ensure that your pension is enough to cater to your golden years. Many expats retiring to Thailand get disappointed when the pension they leave behind gets eaten away by hefty State taxes. Before you transfer UK pension to Thailand why not compare QROPS rates Thailand to know how much pension tax you can waiver.

Why a QROPS?

QROPS, or Qualifying Overseas Pension Scheme, is a pension plan that allows you access to your retirement income while living in a region away from your home country. Expats are advised to consider QROPS account to avoid high pension taxes, especially from their country of origin. In addition, QROPS providers offer a lucrative drawdown on your pension; some will offer up to 75% of your pension tax free.

When to consider a QROPS

Your first concern is whether your pension income is safe from hefty taxes in your home country. Countries like the UK charge up to 45% as pension tax, and an equal 45% on death tax. Only under special circumstances will this rate be lowered.

In such a case, leaving your pension in the UK will be detrimental. Expats from the UK prefer to move their pension to countries like Thailand. Here you are able to enjoy lower income tax calculated using the country’s local rates. Using a QROPS account in Thailand also allows you to take advantage of safer currency pairs like the USD-Thai Baht pair.

As you compare QROPS rates Thailand, you may also want to consider moving your pension to Australia or New Zealand. These two countries also have friendlier tax rates on pension you may take advantage of. Another move would be to transfer your pension to a British protectorate like Gibraltar. Once you retire to Thailand, your pension income will be paid to a local Thai bank from any of the QROPS countries you applied in.

Bottom-line

Everyone can be a successful investor or financial planner by following the right advice. As a retiring expat, you have a right to enjoy your pension income in lump sum as a new citizen of Thailand. Ensure you have an attractive send off package by finding ways to avoid high pension taxes from your country. Consider moving your pension income to Thailand where you can compare QROPS rates Thailand and find out what works for you. And if are still skeptical about moving your pension income to Thailand because you are faced with certain retirement decisions, there are a number of pension planning companies that you can consult for a more comprehensive and professional advice.