Horizon QROPS Gibraltar (HIPP Equus / HGIB)
Frequently Asked Questions
- What type of UK pension fund can be transferred to HGIB QROPS
HGIB 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 HGIB QROPS (other than annuities or secured pensions) even where benefits have been taken.
- Who is eligible to join the HGIB QROPS?
HGIB QROPS are open to anyone over 18 years of age (excluding Jersey residents; US or Canadian Nationals).
- 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 HGIB QROPS transfers of less than £75,000 may not to be the most viable. Trustee & Administrator discretion and personal circumstances may be taken into consideration for lower limits. If your transfer is less that £50,000, please contact us for an alternative solution.
- 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 HGIB QROPS?
There can be considerable flexibility in terms of the timing in taking benefits from a HGIB QROPS. A member of a HGIB 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.