Scotland could become jurisdiction for ‘new type of Qrops’
An independent Scotland could be the base for a “new type of Qrops”, a leading law firm’s pensions expert has predicted.
Qrops
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DeVere’s Nigel Green to review Qrops unit in group restructure
DeVere Group chief executive Nigel Green has launched a strategic review of the company’s business which will factor in the surprise Spring Budget announcement of a 25% overseas pension transfer charge on Qrops plans in some markets and particular circumstances.
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Qrops charge ‘inadequately consulted’ but good for Malta
The UK government’s unexpected decision to impose a 25% charge on some overseas pension transfers “lacked adequate consultation” but is positive for Malta and the wider pension industry, said the Malta Association of Retirement Scheme Practitioners (MARSP).
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Ten industry views on the Qrops hammer blow
As the week comes to an end in which the Spring Budget slapped a surprise 25% overseas pension transfer charge in particular circumstances, here are the views on what it means from a cross section of the industry.
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STM concedes UK’s tax charge to hit 80% of new Qrops business
Cross border financial services provider STM Group has revealed that the UK’s shock decision to impose a 25% charge on transfers to foreign pension schemes will affect 80% of its new Qrop business.
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Six changes you need to know from the Spring Budget 2017
Chancellor Philip Hammond took to the despatch box for the Spring Budget on Wednesday, delivering a hammer blow to qualifying recognised overseas pensions schemes (Qrops).
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Surprise 25% Qrops charge rocks UK pension transfer market
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.
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UK pensioners hit with 4% cut in Rops drawdown rates
Pensioners with recognised overseas pension schemes (Rops) face being able take less money from their retirement pots under new income drawdown rates released by HM Revenue & Customs (HMRC) this week.
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Key financial planning tips for international advisers in 2017
Opportunity knocks for financial advisers in 2017 as political, economic and regulatory turmoil leaves clients adrift in unknown territory and seeking advice, says Rachael Griffin, head of product law and financial planning at Old Mutual International.
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Providers voice concerns on limits to UK pension transfers
The UK government’s plans to tighten rules on transferring money out of pensions to tackle widespread fraud, has been described as “anti-consumer” by Rops provider Momentum Pensions, which warns the move will unfairly restrict transfers to overseas pensions.
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Transfers into overseas pensions fall by a third, says HMRC
The number of British citizens transferring their UK pensions into recognised overseas pension schemes (Rops) has dropped by more than a third since the pension freedoms were introduced in April 2015, according to HM Revenue & Customs (HMRC).
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UK scraps 70% ‘income for life’ rule for overseas pensions
The UK government has announced it will abolish a rule requiring recognised overseas pensions schemes (Rops) to earmark 70% of funds to provide members with an income for life, as further details emerge on HM Revenue & Custom’s overhaul of foreign pensions unveiled in this week’s Autumn Statement.