As has often been reported in QROPS Review, interest in transferring UK pensions overseas has never been stronger.
However, despite QROPS becoming a more and more common solution for UK pension holders who are no longer in the UK, there still remains a certain degree of confusion around the process involved.
At QROPS Review, we’ve put together a handy infographic that we hope will explain what is involved in moving a UK pension overseas. Read More
Gibraltar, one of the stalwarts of the global Qualifying Recognised Overseas Pension Scheme (QROPS) industry, has a new trustee offering. Corinthian Pension Trustees has received a license from the jurisdiction’s Financial Services Commission. This means that they will be able to provide trusteeship to pension schemes in Gibraltar.
The HMRC’s QROPS rules have helped many people get tax efficient access to their UK pension pots since it was introduced in 2006, but it hasn’t exactly been an easy ride.
This is in no small part due to various complications in the way that QROPS has been rolled out across the world’s various tax regimes, legal disputes lodged against the HMRC on behalf of disgruntled pension holders and numerous alterations to the legislation that makes these schemes possible.
Here we take a quick look at the history of QROPS and the key events which have brought us to the current state of affairs. This is by no means an exhaustive list, but it does give a sense of how rapidly QROPS legislation and management have changed over the last 8 years. Read More
A recent industry report has claimed that a retirement income of £15 000 is necessary to provide a “comfortable” standard of living.
However, the National Employment Savings Trust reported that there is no “happiness benefit” above an income of £40 000 per year.
Every time the UK Chancellor of the Exchequer rises to his feet to give his now biannual statement to the House of Commons the media clamours over itself to hail some major change or other.
Indeed, the politicians also like to make us all believe that they have come up with some bold new policy that will change our lives for ever more.
In reality though, changes to the UK system of financial rules and regulations plot a slow and methodical course. And it does so for a very simple reason: a properly functioning economy must have stability and predictability. Read More
On 6th April 2014 Life Time Allowance (LTA) limits will decrease by £250,000, meaning pension savings that fall above this lowered limit will no longer be tax-free. Read More
While in the UK pension benefits are generally only able to be taken from the age of 55, some QROP schemes have let expats take benefits earlier if they have lived outside of the UK for five consecutive tax years. Read More
After a year of flux in 2013 with changes in QROPS jurisdictions from Guernsey to Singapore, 2014 promises to be a bumper year for the Qualifying Recognised Overseas Pension Scheme industry. Read More
Guernsey was once a prime location for Qualifying Recognised Overseas Pension Schemes with the Channel Island boasting a proud history as a sound financial centre with excellent consumer safeguards. Read More
In it’s industry newsletter released today, HMRC made amendments to the two reporting forms used by QROPS scheme administrators to notify HMRC of receipt of a transfer. Read More
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