Special QROPS Rules For International Workers

New Qualifying Recognised Overseas Pension Schemes (QROPS) rules flag two key dates for public service pension schemes or those set up by international organisations. The rules overhaul QROPS rules for these schemes which fall through a hole in the last round of rule changing in April 2012. The benefits relief test introduced in 2012 could […]

Switching a UK pension in to a Malta QROPS

Malta QROPS are the talk of the offshore pensions market but switching a retirement savings out of a UK fund involves more than writing a cheque. The first step is asking the UK pension fund to give a written transfer value – if you have more than one find, then get a transfer value from […]

Expats Flood QROPS Firms With Transfer Requests

A boom in the popularity of Qualifying Recognised Overseas Pension Schemes (QROPS) has seen some providers struggle to cope with demand. Many of the firms are trying to recruit extra staff to deal with the soaring number of British expats and international workers with UK pension rights who are racing to move their pensions offshore. […]

Riddle as Cyprus QROPS disappear off HMRC list

The offshore pension industry is trying desperately to figure out the mystery of why Cyprus is missing from the official HM Revenue & Customs list of qualifying recognised overseas pensions (QROPS). HMRC publishes a list of providers self-certifying their pensions compliant with QROPS pension rules in the UK – the list includes more than 2,000 […]

Malta issues tax warning to QROPS pension investors

The Malta government has signalled intentions to become a serious contender in the market for qualifying recognised overseas pensions (QROPS) by publishing a code for pension providers and retirement savers. Industry experts tip the Mediterranean island as the new key player in the QROPS market following the demise of Guernsey – but Malta is clearly […]

QROPS and SEIS changes quietly slip in to law books

The Finance Act 2012 has slipped quietly on the statute book after receiving royal assent. The act ratifies QROPS law changes that saw hundreds of schemes close to new business in Guernsey, the Isle of Man and New Zealand earlier this year. Also of interest to wealthy investors and retirement savers is confirmation of the […]

Why HMRC changed the rules for QROPS pensions

QROPs pension advisers are scratching their heads over why the British tax man has decided to crack down on the offshore pensions industry. Among the soul-searching, blame and acrimony lies a simple answer – most UK tax law is reactive and HM Revenue & Customs was merely carrying out some spring cleaning. The problem is […]

Qatar shuts door on QROPS and QNUPS

Qatar will not open from QROPS business after regulators decided the offshore pension market is too uncertain. British expats and international workers with UK pension rights living in the Qatar Financial Centre can still open a qualifying recognised overseas pension (QROPS) – but have to look outside the emirate to do so. Effectively, that means […]

Guernsey QROPS revamp to kick start pension industry

Guernsey QROPS are undergoing a radical tax overhaul in an effort to kick start the island’s pension industry. Guernsey States will meet in September to discuss changes to the Channel Island’s Section 157 QROPS that were outlawed by HM Revenue & Customs. The result was more than 300 Guernsey QROPS were closed for new business […]

Gibraltar QROPS ready for transfers within 14 days

The countdown to the first transfers in to Gibraltar QROPS is underway. Following the Gibraltar Parliament unanimously passing new legislation to kick-start the offshore financial centre’s pension industry, providers have started preparing for transfers in to QROPS from UK funds. The government and providers are so confident that Gibraltar QROPS will comply with the UK […]