The QROPS Jurisdictions Embracing Pension Freedom

The UK pension reforms which allow savings to effectively be accessed as a bank account have been extended to the QROPS model, but not every jurisdiction is currently in a position to offer this. To allow ‘open season’ to take effect on overseas schemes, each individual QROPS jurisdiction must first amend their own legislation to […]

QROPS: Pension Liberation Scammers Looking Overseas Now

HMRC, the tax man and pension providers have all expressed concern that pension liberation scammers may now be using offshore schemes for their swindle, regardless of whether the saver lives overseas or not. A QROPS is a platform for those who either currently live overseas or plan to within the next 12 months. It offers […]

Debate Continues Over QROPS 100% Access Rules

The freedom to access 100% of funds with an overseas pension will come into place on 6th April 2015, a move which coincides with the same rule change in the UK. Before the rule comes into play however, there is still many loose ends to be tied up by the Treasury. So far no detail […]

NHS Pensions Transferring to QROPS

NHS pension holders are currently the main sector looking to transfer their savings into a more beneficial QROPS, before this option is no longer available. As of April 2015 the door will be shut firmly on any kind of transfer to a scheme developed initially to allow expatriates living away from the UK – or […]

As new LTA deadline looms QROPS enquiries to grow

Many UK pension holders will face hefty tax burdens when the pension lifetime allowance (LTA) drops from GBP 1.5 million to GBP 1.25 million in April. Yet future retirees are failing to take action to protect their fund across the UK, even with the threat of facing charges as high as 55%. LTA history The […]

Clarity needed on QROPS income pre-55 years old

Since the 6th of April 2010, the normal minimum pension age in the UK has been 55 years old. However, in many other countries across the European Union (EU) and indeed the world, pension benefits can be taken as early as 50. This has caused some confusion in the QROPS industry over whether to follow […]

QROPS and Fixed Protection: Protecting pension assets over GBP 1.25 million

If you own UK pension fund assets totalling over GBP 1.25 million, you currently have two months in which to protect your assets from the UK’s Lifetime Allowance (LTA). The LTA is the upper limit on any tax relief you can receive on your pension fund. Currently set at GBP 1.5 million, from the 6th […]

Are Pension Tax Breaks Really Worthwhile?

The great pension tax relief debate is taking place in smoke-filled rooms and in whispers in corridors away from the attention of ordinary retirement savers. The government is eyeing a saving of £35 billion a year on pension contribution relief, claiming the tax break is aimed at encouraging retirement savers but has little real evidence […]

QROPS, Seek International Financial Advice

Due to the obvious paybacks, many individuals transfer their pension into a QROPS when leaving the UK. Yet with the myriad of issues to deliberate on – from DTAs to their financial goals – it is imperative they seek advice from an international IFA. Because of the market’s intricacy, UK-based and other non-international IFAs are […]

HMRC To Axe Hundreds Of Pension Liberation Firms

Hundreds of dubious pension firms servicing discredited pension liberations schemes face closure by HM Revenue and Customs. An HMRC task force has been combatting gangs of alleged fraudsters as part of the secret Project Bloom. Duped retirement savers have helped compile a list of almost 500 pension providers involved in pension liberation. The Financial Conduct […]