New pension rules lead to more cash for the taxman
Posted by James Cartwright | Pensions, Savings | No Comments
When the details for the new pensions regime became clear we warned that the real reason behind the change was to generate extra tax revenue for the government.
While it was pitched by George Osborne as a brave new pensions world of freedom and flexibility, new figures have now emerged showing the true picture.
New research out today shows the full extent of the windfall for the Exchequer in just the first 3 months of the new system.
With the April 9th deadline fast approaching, research shows that Independent Financial Advisers are seeing a large increase in the number of overseas residents seeking to transfer their UK teachers’ pensions into a QROPS. The guidance published by the UK government suggests that after April 9th the authorities will block forever the right to transfer these pensions away from the UK. This is all part of the new pensions regime being implemented by the government. 
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.
QROPSreview.com has previously reported on the new pension regime proposed by Chancellor George Osborne.
When George Osborne announced plans for a new, flexible pension regime in his March 2014 Budget speech there was confusion as to how this would affect overseas pensions transfers and QROPS in particular.
Many financial advisors are starting to report that they are seeing a significant uptick in the number of 
Her Majesty’s Revenue & Customs has released guidance speculating on the number of people who may choose to take money out of their pensions under the new pension regime.
The HMRC list of Qualifying Recognised Overseas Pension Schemes (QROPS) was updated on 15th July with a record number of QROPS having been deleted.
QROPSreview.com has previously reported on the new pension rules proposed by George Osborne in his March 2014 Budget Statement. Much of the media was left scrambling to detail this so called hammerblow to the status quo. Many column inches were filled celebrating the end of the annuity.