Whilst at GBPensions we do not provide advice on currency exchange, we do believe the reasoning behind delaying a transfer due to poor conversion rates is flawed.

If your sterling funds are in a UK scheme when the exchange rate improves, the only way to get them into your currency of favour might be to transfer them to a QROPS that holds that currency, as very few UK schemes have currency conversion facilities. However, because the transfer process can take many months, the exchange rate is likely to change by the time funds arrive in the QROPS.

If a pension transfer is appropriate, there is no reason for you to delay the process. The reason for this is that you can park the transferred funds in a QROPS until you feel the time is right to convert to the currency of your choice. Funds can then be converted within the QROPS significantly quicker than the time it takes to transfer.

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