Momentum Pensions, the Isle of Man-based international pensions provider, has added Friends Provident International and SEB International to the roster of life companies whose products are available via its ‘Lite’ QROP schemes in both Malta and the IoM.
Critics of the international pensions industry expressed surprise today when it emerged that no offshore pension schemes, or QROPS, are involved in High Court proceedings that began in London today.
HM Revenue & Customs has published a 30-word apology for releasing an incorrect list of QROPS yesterday which had more than 430 schemes missing and caused widespread confusion within the industry.
HM Revenue & Customs has admitted to a “problem” in relation to the list of registered Qualifying Recognised Overseas Pension Schemes it published last night, which shows more than 430 schemes missing.
Momentum, the Isle of Man-based international pensions provider, said it is to “waive any transfer or surrender penalties” for those of its clients who get to retirement and find their QROPS is in an unsuitable jurisdiction for their specific needs.
First American expatriates were told that their bank accounts weren’t welcome. Now, it seems, Americans’ tax-deferred retirement accounts are also increasingly unwanted by US financial institutions, unless these accounts are of significant size.
Trireme Pensions Services (Malta) has received HM Revenue & Customs recognition for two QROPS products, adding to the growing profile of this jurisdiction in the international pensions marketplace.
Isle of Man-based Boal & Co has launched its first Gibraltar QROPS after "extensive research" to give advisers multi-jurisdictional choice for their clients.
The draft QROPS regulations issued last Friday by HM Revenue & Customs are being seen by pension fund administrators as providing much-needed clarification of the legislation governing such pension schemes, which the Revenue significantly altered last year.
All Maltese pension providers and administrators should meet a 17 June deadline to file an information disclosure document with the French tax authorities on behalf of “any French-resident beneficiaries”, according to a Maltese pension scheme association.
A new French law that appears to require pension fund trustees to report to France’s tax authority on UK personal pensions that have French tax-resident beneficiaries is causing confusion among financial advisers and pension fund administrators.
Guernsey headquartered Gower Pension Management has launched a QROPS “lite”, offering those with smaller schemes a lower cost way to transfer their pension into the overseas pension product.
