Pension transfers are likely to be delayed and providers, advisers and clients have been left in limbo after HM Revenue & Customs failed to publish a new list of recognised overseas pension schemes (Rops) that was scheduled for Monday.
The UK government’s shock decision to impose a 25% charge on transfers to foreign pension schemes announced in the Spring Budget could go as far as to “shut down” the Qrops market, according to industry observers.
International product distribution company Provisca has signed a partnership agreement to market and distribute The QROPS Bureau’s independent technical support, due diligence and compliance support service to advisers outside the UK.
Zurich Insurance Company will divest its 25% stake in financial services partnership Openwork within the next four years, under an agreement that will see Openwork continue to distribute Zurich product lines in the UK.
