What is Synergy?

The Synergy International Personal Pension (SIPP) “SYNERGY” - is a pension scheme established under trust in Guernsey, and tax-approved in Guernsey under the Income Tax (Guernsey) Law 1975.

SYNERGY is registered with the UK tax authority HM Revenue & Customs (HMRC) as a Qualifying Recognised Overseas Pension Scheme (“QROPS”). This means that pension transfers made from UK pension schemes to SYNERGY are termed recognised transfers and so are permitted transfers under the UK pension legislation introduced by the Finance Act 2004. Provided the transfer value of your UK pension is less than the UK lifetime allowance (currently £1.75 million, 2009/10), there is no tax payable when you transfer your UK pension into SYNERGY.

What is a QROPS?

Qualifying Recognised Overseas Pension Schemes (QROPS) are special overseas pension schemes which satisfy rules and regulations laid down by UK legislation: the Finance Act 2004 made it possible, from April 2006, for UK pensions to be transferred to any overseas pension scheme which is registered with HMRC as a QROPS.

Before 2006, it was generally only possible for a person to transfer his or her UK pension to an overseas pension scheme located in the person’s new country of residence. Modernisation and simplification of UK pensions legislation in 2006 removed this restriction. This not only enables an individual to freely transfer a UK pension overseas, it also therefore gives choice over where to transfer a UK pension. SYNERGY has been designed specifically to optimise this choice.