Fund managers from across the UK’s pension industry will be forced to reveal any and all hidden costs associated with their pension schemes in the face of new legislation. These costs regularly wipe thousands of pounds off a worker’s pension, and The Times states the new Government rules will ensure defined contribution workplace scheme fund […]
Clarity needed on QROPS income pre-55 years old
February 13, 2014
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
February 2, 2014
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 […]
QROPS Disadvantages
September 28, 2013
Qualifying Recognised Overseas Pension Schemes (QROPS) allow those no longer living in the UK to transfer their pension into an overseas fund – and enjoy significant benefits. These include taking far greater control of investments, and having the ability to pass on up to 100% of the fund to loved ones upon death (i.e. without […]
QROPS, Seek International Financial Advice
August 14, 2013
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
July 6, 2013
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 […]
HMRC QROPS List FAQ
July 3, 2013
HM Revenue and Customs QROPS list is a public resource that tells investors and pension administrators if a Qualifying Recognised Overseas Pension Scheme is recognised as a bona fide scheme by the tax authority – with some reservations. HMRC explains how the list works in a manual for tax inspectors that is also freely available […]
Can Expats Trust HMRC’s Tax Residence Indicator?
June 28, 2013
The Statutory Residence Test was designed to make decisions about tax residence in the UK simpler for everyone. Despite an online step-by-step Tax Residence Indicator, the website offers just that – an indication of residence status and hints at taking professional advice before committing to any financial planning. The website is so guarded about giving […]
Singapore QROPS Investors Battle To Salvage Their Pensions
June 12, 2013
Investors formerly with the defunct Singapore ROSIIP QROPS are challenging a tax demand in the High Court that could see more than half their pension savings disappear. The group of 37 retirement savers were among more than 120 investors who all transferred pension pots from Britain to the Singapore QROPS only to see the scheme […]
