There was a sea change in April 2012 when UK legislation was changed to eliminate perceived abuses in QROPS practices. This has become known as Q Day seemingly.
Effectively HMRC are letting it be known that QROPS is a method of transporting pension benefits when people leave the UK and it is not a means of tax avoidance or of 100% cash withdrawal. In addition it has legislated against those jurisdictions who allow tax free income withdrawal for non residents whilst taxing their residents.
This has effectively eliminated Guernsey from the non resident QROPS market. The Isle of Man is still participating but the demise of their 50C legislation for QROPS has perhaps dented its appeal for many, with a limited number of DTAs and withholding taxes for many on income withdrawal and on death.
In many ways this has simplified things for advisers.
We have created QROPSChoice.com because our experience has shown us that there is a dearth of independent, multi-jurisdictional advice available for advisers and their clients, with so many QROPS providers being fixed in one jurisdiction, with no apparent understanding that for QROPS/QNUPS jurisdictions, one size does not fit all.
We are professional Pension Specialists and Administrators, with many years of experience in UK pensions - SIPPs and SSAS, and extensive expertise in the provision of overseas pensions in QROPS and QNUPS across a number of jurisdictions.
We use external advisers to support us with knowledge and expertise in the field of offshore pensions, jurisdictions and taxation wherever appropriate.
- UK SIPP
- UK SSAS