QROPS BULLETIN - JANUARY 2015
Contributed by QROPSChoice.com
22 January, 2015
This newsletter is meant for professional advisers only, and members of the general public should take independent financial advice.
Well it finally came to pass after much hand wringing among the ‘experts’. New UK rules will apply to QROPS from April this year. Some details are still required from HMRC, and these are promised, hopefully in good time for April. Jurisdictions are looking at their own arrangements to ensure compliance and information/confirmation is still needed. But generally speaking, the new rules can probably be applied now in Gibraltar and (whisper it) New Zealand. Malta’s rules have just been amended to allow 100% withdrawal. So changes are happening on an ongoing basis. Watch this space.
Jersey has thrown its cap into the ring too from this month. See below for some details.
There is some debate as to the impact of the UK changes on the QROPS market. It is impossible to generalise as many cases are unique, however if it stops the migration of small funds abroad, which has represented a depressingly large proportion of the total volume of QROPS transfers, then so much the better. In addition we are being made aware of a volume of QROPS transfers for UK residents, linked to the sort of unregulated investment that UK SIPP Providers have now banned. Possibly this will be the next ‘QROPS scandal’. Again watch this space.
We are a multi-jurisdictional QROPS/QNUPS consultant with UK based staff, and as such we have played no part in writing these articles, nor do we endorse them. They are purely included as they might interest people.
- Reaction to QROPS changes
- Jersey has entered QROPS arena
- New QROPS overview
- Another overview
- US and QROPS
To see more of our services please visit www.qropschoice.com
PS. We can give FREE training talks on QROPS/QNUPS if required, or even on the new UK pension changes. Attendance certificates can be provided for CPD purposes
Oaklands Business Park
Cheshire, CH66 7NZ
QROPS and QNUPS Choice Ltd – Registered in Gibraltar - Registered number 108379
Registered Office: Gibro House, Suite 4, 4 Giro’s Passage, Gibraltar
QROPS and QNUPS Choice Ltd are not regulated to give advice. The information provided in this communication is based on our understanding of the current legislation governing pensions.
« Go Back to Articles