Finance Archives - QROPS Review

There have of course been lots of chatter amongst commentators and within the global expat community about the proposed changes to the UK pensions regime.

Chancellor George Osborne gave his Autumn Statement recently which set out some more detail of the new rules. Here we will explain a little further about the latest situation and what some of the continued benefits are of non-residents moving their UK pensions to a QROPS.

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QROPSreview.com has previously reported on the new pension regime proposed by Chancellor George Osborne.

Now it seems like the new flexibilities will also be on offer to QROPS members.

Jon Greer, pensions technical manager at Old Mutual Wealth said. “The reference in the Pensions Flexibility note published by HMRC caused some concern that there would be a further test of a person’s lifetime allowance and might therefore use up some LTA.

“However, what they were referring to is the rule which is currently in place but is being slightly amended to help QROPS members to receive the types of benefits that UK registered schemes will receive from April.”

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New research from insurance giant Prudential reveals that British expat pensioners living in the Eurozone have seen a large rise in the buying power of their UK state pension. This is due to an improved pound to euro exchange rate.

The research shows that UK pensioners living in the Eurozone enjoy an income from the state pension equivalent to €7,344.44, an increase of €661.24 since the same time last year.

Twenty-six percent of the increase was put down to a rise in the basic state pension from £110.15 a week to £113.10 a week announced by George Osborne in his April 2014 Budget. Read More