New QROPS list published

UK HMRC has published a new updated list of registered QROPS, which confirms the removal of the majority of Guernsey schemes. The list shows a reduction of 310 of the number of Guernsey schemes registered as a QROPS since March. Previously Guernsey had 313 QROPS listed, they now have just 3. Similarly New Zealands registered schemes have fallen from 64 to 23.

There is no significant change to the number of Maltese schemes, which have been largely unaffected by the new QROPS legislation. To view the latest HMRC QROPS list, click here
2012-04-15 | 0 Comments

Guernsey QROPS rule changes

HMRC has informed Guernsey officials that going forward, Guernsey pension providers will only be permitted to accept transfers of the UK pensions of Guernsey residents, a Guernsey government statement has revealed. In a statement issued yesterday, Guernsey’s Treasury & Resources office said that HMRC’s revised list of approved QROPS  – to be published on Thursday – “will only include a Guernsey scheme if the HMRC is satisfied that the scheme is ‘residents-only’”.

This is important news for many expats in Spain, as Guernsey is a common jurisdiction for QROPS. We will be launching details of a reliable Malta based QROPS in coming weeks.
2012-04-10 | 1 Comments

QROPS transfers fell in the 2009/10

The number of QROPS transfers fell in the 2009/10 tax year compared to the previous 12 months. Figures obtained from HM Treasury by Sipp provider AJ Bell under the Freedom of Information Act, showed there were 5,659 transfers in 2009/10, compared to 6,263 in 2008/09. Billy Mackay, marketing director for AJ Bell, predicted the introduction of flexible drawdown in the UK would further accelerate a decline in QROPS transfers. He added the government’s closure yesterday of a loophole relating to a double tax treaty that would have given UK tax residents considerable tax advantages by using Hong Kong-domiciled schemes would also hit QROPS transfer numbers further.  Mackay said: “Yesterday’s change will have little impact on transfers to QROPS for individuals retiring overseas. The issue which clearly concerns the government is the promotion of QROPS as a tax avoidance vehicle to individuals who have little or no intention of leaving the UK.”

2011-03-09 | 1 Comments

Skandia International and Concept Group have lowered charges

Skandia International and Concept Group have lowered the charges on their joint QROPS proposition amid growing price competition in the sector. The change comes in the wake of Close, a leading mass market rival to Concept, reducing its own product fees to what were believed to be – for a few days at least – the cheapest available. The new charges on the Skandia/Concept Group Aurora Quantum product are a set-up fee of £645 and annual administration charge of £845. Both were previously £995.  Close last week cut its establishment charge to £750 and annual administration fee to £1,000. Combined, this figure is now £260 more than that of the equivalent new Skandia/Concept cost. Close does, however, offer a product in which the annual and establishment fees are each £300. In this product the investment choices are limited to Close’s own funds.
2011-02-08 | 0 Comments

Guernsey has published a draft code of practice for QROPS providers

Published on the Guernsey Association of Pension Providers website, the voluntary code outlines a set of principals covering critical areas of the QROPS business including transfers, reporting, tax requirements and investment. GAPP is encouraging members of the QROPS industry to comment on the proposed code and has given until 28 February for people to submit their views. The draft will then be reviewed and a final code of practice is due to be issued on 31 March. Plans to create a code of conduct were first announced at a Guernsey Finance event in London in March last year. Since then members of a committee, drawn from GAPP members and others in the industry, have worked to create a first draft.

2011-01-19 | 2 Comments

Advisers face being shopped to regulators under crackdown by New Zealand IFAs.

A group of what has been described “senior advisers” in the country has established a working party through which it hopes to clean-up parts of the QROPS industry. The group will primarily target other advisers and pension schemes that are promoting New Zealand QROPS as a means for savers to receive 100% of their pension pot in a tax-free lump sum. Those responsible for the initiative fear such activities could see their country suffer the same fate as Singapore, which in 2008 effectively had its status as a permissible QROPS jurisdiction withdrawn by HMRC.
2010-12-09 | 393 Comments
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