- What type of UK pension fund can be transferred to QROPS?
A Horizon QROPS may be used to receive transfer values from any UK‑registered pension scheme including GMP (guaranteed minimum pensions) or protected rights.
The transfer values may be paid to a Horizon QROPS (other than annuities or secured pensions) even where benefits have been taken.
- Who is eligible to join the Horizon QROPS?
The individual’s country of residence will have a bearing on which Horizon QROPS plans are available to them. In general terms we are currently able to offer a solution for anyone over 18 years (excluding Jersey residents; US or Canadian Nationals) through Guernsey and Gibraltar QROPS plans.
- What is the maximum or minimum transfer I can make?
There is no maximum limit on transfers into a QROPS. UK tax charges may apply if an individual exceeds their UK Lifetime Allowance limit.
While there is technically no lower limit, consideration should be given on the running costs of a QROPS and the underlying investments.
For the Horizon International QROPS plans (Gibraltar HGIB & Guernsey HIPP) transfers of less than £75,000 may not to be the most viable. Trustee discretion and personal circumstances may be taken into consideration for limits lower than that.
Guernsey residents have the option to consider our Horizon Smart Plan. The Horizon Smart Plan (Open to Guernsey residents only) is open for UK registered pension transfers above £15,000.
- How can benefits be taken?
While there is flexibility about how benefits are taken, the Trustees will look to ensure that benefits are drawn to ensure income is provided throughout a member’s life.
- At what age can benefits be taken from the Horizon QROPS?
There can be considerable flexibility in terms of the timing in taking benefits from a Horizon QROPS. A member of a Horizon QROPS may take benefits from age 55, some benefits should commence by age 75 at the latest (or as the law may allow and as may be amended).
Any benefits not paid in accordance with UK requirements during this time may be classed as an unauthorised payment for which a number of tax charges and penalties could apply.