Varying tax and regulatory issues across the region could disrupt the Asia Region Funds Passport initiative, according to Mostapha Tahiri, chief executive and head of asset and fund services for Asia at BNP Paribas Securities Services.
Representatives from Australia, Japan, Korea, and New Zealand signed a memorandum of cooperation (MoC) on the Asia Region Funds Passport (ARFP) on Thursday, that should see the initiative launched next year.
New Zealand pension firm NZ Endeavour Trustees has agreed terms with Malta-based Elmo Pensions to facilitate a partial or full transfer of pension assets between two of their respective Qrops funds.
The decision by HM Revenue & Customs (HMRC) to drop thousands of Qrops from its list of recognised overseas pension schemes was one of the biggest stories of 2015.
HM Revenue & Customs will waive penalty charges on UK pension fund transfers made between 6 April and 17 June into KiwiSaver schemes which have now lost QROPS status.
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.
Six major countries in the Asia Pacific region expect to launch a funds passport in 2016 which will make it easier for financial services professionals to market investment products, such as mutual funds, to retail customers in each other’s economies.
The number of New Zealand-based pension schemes on the latest HMRC approved list, released on 19 May, has dropped to 34 from 57, with KiwiSaver schemes notably absent from the remainder.
Overseas pensions in Australia and New Zealand could lose QROPS status after a letter sent by HM Revenue & Customs forced all schemes to ensure that policyholders can only access benefits before the age of 55 in the same circumstances as a UK pension.
Pension experts have reacted favourably to HM Revenue & Customs draft legislation proposing full flexibility for QROPS, describing the news as the biggest change to the schemes since they came into play.
New Zealand has signed a unique intergovernmental-agreement (IGA) with the US allowing it to keep low risk accounts exempt from disclosure after the introduction of FATCA next month.
As New Zealand prepares to change the way it taxes so-called "foreign superannuation funds", Stephen Ward, managing director of Premier Pension Solutions, looks at how the new regulations will work
