Each Qrops jurisdiction has its own rules that you will need to be aware of – a round-up of many of the most common is outlined later on. However, dependent on the nature of the illness, the first port of call will often be carrying out an analysis of the medical cover needs and insurance options open to a client – something that will now be essential for a client diagnosed with a serious, even life-threatening illness.
Some countries have now made having private medical insurance coverage compulsory for all expats. In other countries, expats are not eligible for local healthcare services at all. If this is the case, your client will need some form of cover.
Not all medications are available in all countries, so patients may need to plan to collect a bulk supply from their GP that lasts several months, assuming their new country of residence does not have any limitations on the amount of prescription medicine that can be brought into the country.
Another consideration can come into play. The standards of medical care in some countries may not be the standards that UK residents are used to.
This can be bad enough for otherwise healthy people who find themselves in need of urgent attention, but for those diagnosed with a life-threatening, or certainly a serious permanent condition, this will become all the more important, and will climb up the rank of important things your client will need to be aware of.
Once the important matter of insurance and healthcare provisions has been addressed, it will be necessary to turn your attention to the nuances of the jurisdiction your client’s pension scheme is set up in.
As you will discover, conditions vary from one jurisdiction to the next, and these will need to be carefully considered depending on the country your client is seeking to retire in. For the sake of brevity, we cannot, of course, address them all; however, what follows is some idea of what you and your client can expect.
Malta
In a move to match the sweeping changes to the UK pension market last year, Malta recently adopted legislation to allow flexi-access to retirement benefits between the ages of 55 and 75. However, when a member in ill health comes into question, retirement age may no longer be a factor.
If there is enough medical evidence to prove that the member concerned is in ill health (or ‘permanently incapacitated’, to use the legal jargon), then the retirement scheme administrator will allow flexi-access, even if it predates retirement age. This of course remains subject to medical evidence for satisfying such conditions.
Isle of Man
