After the HMRC removed Singapore QROPS schemes from the list of authorised QROPS, HMRC have tightened up on all the rules to prevent schemes from promising pension busting solutions. This move has been welcomed by many as security and safety of the pension holder should be the first priority.
One of the changes noticed has been the addition of a “Disclaimer” on the list of QROPS. The disclaimer reads:
“If a scheme has been included on this published list in circumstances where it should not have been included because it did not satisfy the conditions to be a recognised overseas pension scheme, any transfer that has been made to that scheme could potentially give rise to an unauthorised payments charge liability for the member.”
This has caused a concern for many people who have a QROPS or who are considering a transfer into one, as the unauthorised payment charge can wipe out 55% of the pension.
This is a statement from HMRC highlighting their legal position. It shows that it is up to the individual to receive correct, sound and regulated advice before making a decision.
QROPS.net is highly regulated in the UK and Europe giving us a global reach to service individuals around the world. We aim to provide the highest quality of advice internationally.
QROPS.net look at all QROPS available and find the best, most secure, most suitable QROPS for you. Providing the best QROPS solution that achieves your goals. We are not associated or linked with any individual QROPS provider and therefore can give impartial, unbiased advice. Our goal is to help you make the right decision and get the right QROPS.
To discuss any questions you may have about QROPS or to find out how we can help you, please contact us via the contact form
