New pension rules make QROPS UK pension transfers stronger

New pension rules make QROPS UK pension transfers stronger.

The HM Revenue & Customs today proposed changes to how QROPS are reported – changes that will strengthen legitimate transfers – another indicator of how recognised QROPS has become.

deVere CEO Nigel Green broke the news on his blog today, shortly after the announcement, citing that the deVere Group fully supports the HMRC proposed changes surrounding QROPS UK pension transfers, as they will introduce ‘even more robust reporting procedures’.

Nigel Green believes that the move will also further protect clients who have already or are thinking about those transferring their pensions out of the UK and strengthen their retirement prospects abroad.

Under the new rules, former QROPS will have to follow reporting requirements, even if they are no longer listed as QROPS. Failure to do so will result in hefty fines.

Additionally, a UK scheme administrator will have to notify the date on which the member left the UK, whether the member is still a UK resident and then notify HMRC when the member ceases to be UK resident.

Nigel Green upheld the HMRC move and said that the QROPS UK pension transfer proposals highlight that the UK is fully committed to allowing free movement of capital under EU law.

Notably, more than 10,000 UK pensions were transferred out of the UK last year, 2,250 of which were administered by the deVere Group.

Click here to read the full Nigel Green Blog

  1. No trackbacks yet.

You must be logged in to post a comment.
%d bloggers like this: