QROPS were established under regulations by UK HMRC in 2006 (so called Pensions A-Day) to allow people who are leaving the UK to take their pensions savings with them. These arrangements have become popular with UK ex-pats, primarily because of their simplicity and the increased investment flexibility they can provide. In addition, the ability to retain benefits, the removal of a requirement to buy an annuity contract, which can be expensive and restrictive, plus the freedom from Inheritance Tax – allowing you to pass your entire remaining pension to your dependents. That being said, there has been mixed publicity for QROPS following HMRC’s removal of Singapore QROPS from their list of authorised schemes. In practice this has meant that HMRC has tightened up its rules to prevent schemes from promising pension-busting solutions. However, in practice, this should be seen as a positive move, with the majority of providers, including ourselves, choosing to operate from better regulated locations.

Spanish International Investment Bond

The Spanish International Investment Bond (SIIB) is a single premium, whole of life, unit linked investment. It is a capital investment designed to be held for the medium to long term and is primarily for capital growth although withdrawals can be made on a frequent basis.