QROPS interest grows following UK pension ‘frustrations’
Advisers have reported a growing interest in QROPS as expats grow increasingly “disappointed and frustrated” with the inability of UK providers to accommodate April’s pension freedoms.
Retirement
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Industry figures assess ABI plan to cull pension advice safeguards
Senior industry figures have agreed that the regulatory and legal requirements around the new pension freedoms pose a problem for policyholders, but are split on the ABI urging the UK Government to scrap paid advice for those with guaranteed annuity rates.
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HMRC confirms rules around QROPS list suspension
HM Revenue & Customs has confirmed that transfers made after 6 April 2015 into QROPS that are no longer featured on its overseas pensions list when it returns from suspension will not be tax-free.
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ABI urges UK Gov’t to scrap pension advice safeguards
The Association of British Insurers (ABI) has urged the UK government to drop the need for pension holders with guaranteed annuity rates to pay for advice.
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Liberation schemes are biggest pension scam perpetrator
The vast majority of pension fraud cases reported in the UK last year were linked to fake pension liberation schemes, new figures reveal.
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ABI slams Osborne after he announces exit fee inquiry
The Association of British Insurers (ABI) has criticised the UK Government’s handling of the new pension freedoms after chancellor George Osborne announced his plan to conduct a consultation on “excessive” exit fees.
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Osborne reveals £1bn withdrawn since UK pension reforms
Thousands of UK savers have collectively withdrawn more than £1bn from their pension pots after new freedoms were introduced in April.
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Advisers told to delay QROPS transfers as HMRC suspends list
Advisers have been “strongly advised” to exercise caution around QROPS transfers until HMRC lifts its suspension of the overseas pensions list, with the Revenue suggesting that schemes will be missing upon its return.
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Australian QROPS exodus expected as HMRC suspends pensions list
HM Revenue & Customs will suspend its overseas pension list from tomorrow, with experts predicting that QROPS based in Australia and other jurisdictions will be absent when it returns next month.
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QROPS transfers risk rejection as advisers left in the dark
Pension transfers into QROPS could face mass rejection as non-UK advisers miss new qualification requirements finalised earlier this week, a senior industry figure has warned.
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Advisers needing pension transfer qualification triples
The number of UK financial advisers requiring a specialist pension transfer qualification to give advice on transfers is expected to jump significantly as more people make use of the new freedoms.
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FCA outlines process for dealing with insistent clients
The UK’s financial watchdog has published a paper outlining whether an adviser would be liable for losses when dealing with clients who insist on taking action against their advice.