Experts react to biggest ever QROPS changes
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.
Qrops
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QROPS to receive full flexibility
HM Revenue & Customs last week issued draft legislation to allow QROPS schemes the same flexibility in drawing pension benefits as will apply to UK pensions from 6 April.
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Jersey enters the QROPS market
Trustees in Jersey are now able to offer non-residents access to QROPS, after amendments to the jurisdictions pension regime came into force yesterday.
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Flexibility for QROPS in doubt as new pension
Questions remain over whether or not the full flexibility of the UKs new pension rules will be afforded to QROPS after the Taxation of Pensions Bill passed through the House of Commons earlier this week.
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QROPS clarity remains undelivered
Anticipated clarification around exactly how and whether QROPS will be included in the new Pension Flexibility rules to be introduced in April 2015 were missing from todays Autumn Statement.
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Have pension will travel
Expatriates looking for greater income freedom and estate-planning options for their UK pension savings will no longer need to transfer to a qualifying recognised overseas pension scheme (QROPS) and wait for 10 years. These freedoms will be available back home within six months without having to transfer overseas.
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QROPS to receive same flexibility as UK pensions
The Taxation of Pensions Bill, debated in Parliament last week, will ensure additional benefits available on UK registered pension schemes will be open to QROPS, contrary to some early interpretation.
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Another blow to QROPS
In the Taxation of Pensions Bill, debated in the House of Commons yesterday, and accompanying notes published by HMRC, a new requirement for QROPS to be tested against the lifetime allowance (LTA) more than just at crystallisation, has been inserted.
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Brooklands offers new Malta QROPS
Brooklands Pensions has partnered with Trireme Pension Services to add a new Malta-based QROPS to its product range.
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Unbounded QROPS withdrawal much ado
A Government consultation on granting QROPS a 100% withdrawal allowance has been labelled “much ado about nothing” by a leading figure in the international pensions industry.
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DeVere Green praises maturing UK
The UK government’s proposal to give Qualifying Recognised Overseas Pension Schemes (QROPS) the same rights as traditional UK-based pensions demonstrates the maturity of the pension transfer market, says deVere’s Nigel Green.
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Concept returns from Guernsey delisting
Concept has announced its return to the QROPS market with the launch of two Gibraltar-domiciled products.