Move UK pension to a Taiwan pension (qualifying QRORS)

Hi everyone,

I have worked in the UK where my employer and I contributed to my retirement plan via the company’s pension (total contribution 1500GBP). Now, I live and work in Taiwan and was requested by the company’s pension to move my pension out of the company’s pension since (I do not work there anymore).

I would like to move my pension to a QRORS in Taiwan. The HMRC provides a list of QPORS, however, not all of them are listed notably any in Taiwan. The list is available at http://www.hmrc.gov.uk/pensionschemes/qrops.pdf

a) Has anyone done that before ?
b) If yes to question a, where can I find a list of QOPRS in Taiwan or alternatively which pension do/did you use in Taiwan ?

MB: I am not a UK national. I am a EU citizen.
Regards,

symbion

I am not a Brit, and all that I know about UK pension transfers is from listening to Brits moan about it. Is there not a range of what are called Personal Pension Schemes in the UK (a tax-advantaged type of account similar to a US IRA) that you could roll your pension over to? If you did this, the custodian of the account may require future contributions according to a certain schedule. My bet is that the fees and range of investment choices in a UK Personal Pension Scheme (or other type of tax-advantaged retirement account; I am not sure exactly what type you should do) would be a good bit better than what you would get in a Taiwan pension. I would also bet that there isn’t a company in Taiwan that meets the regulatory standards for approval as a provider of Qualified Recognized Overseas Pension Plans. The system here is pretty different, and there aren’t enough of you here to serve.

I would also assume that your old pension custodian is actually required by UK law to convert your existing account into some sort of preserve account.

If you continue to have difficulty finding useful information or advice, I would recommend going to bogleheads.org and posing your question toward a specific poster called Valuethinker. He is a Brit who seems to have spent a lot of time overseas, and he is extremely literate in the ways of pensions in the UK and other countries (though probably not knowledgeable about Taiwan).

[quote=“Jive Turkey”]I am not a Brit, and all that I know about UK pension transfers is from listening to Brits moan about it. Is there not a range of what are called Personal Pension Schemes in the UK (a tax-advantaged type of account similar to a US IRA) that you could roll your pension over to? If you did this, the custodian of the account may require future contributions according to a certain schedule. My bet is that the fees and range of investment choices in a UK Personal Pension Scheme (or other type of tax-advantaged retirement account; I am not sure exactly what type you should do) would be a good bit better than what you would get in a Taiwan pension. I would also bet that there isn’t a company in Taiwan that meets the regulatory standards for approval as a provider of Qualified Recognized Overseas Pension Plans. The system here is pretty different, and there aren’t enough of you here to serve.

I would also assume that your old pension custodian is actually required by UK law to convert your existing account into some sort of preserve account.

If you continue to have difficulty finding useful information or advice, I would recommend going to bogleheads.org and posing your question toward a specific poster called Valuethinker. He is a Brit who seems to have spent a lot of time overseas, and he is extremely literate in the ways of pensions in the UK and other countries (though probably not knowledgeable about Taiwan).[/quote]

There are Personal Pension Schemes called SIPP (Self Invested Personal Pension). However, I am not a UK national (which I forgot to mention in the original post) and I left the country already. Which means I am not a UK resident (no address) and therefore I cannot open one of those. My only solution would be to transfer it.

http://www.whichoffshore.com/

This website promotes lots of pensions advice people to call - I haven’t tried them yet though

[quote=“Black Country Woman”]http://www.whichoffshore.com/

This website promotes lots of pensions advice people to call - I haven’t tried them yet though[/quote]

I will give it a shot.

I was also looking at doing this a few months ago but did nothing - I’m UK national with some £££ in a UK pension scheme, but again I can’t transfer out to a SIPP as I’m no longer UK resident. I don’t think you’ll find a QROPS scheme in Taiwan, but you’ll find plenty based in the Channel Islands (Jersey, Guernsey) etc. Wouldn’t one of those be good enough?

It seems a fairly grey area - there’s very little independent information on-line about any particular schemes. But there are lots of feeder URLs though, that must link into a particular advisor. i.e.
qrops-advice.com
overseaspension.com
qrops.net
qropshelpcentre.co.uk
I could keep listing those…