In moves set to take tighter control of QROPS transfers, the UK made some significant changes to the handling of QROPS in its budget last week.
There is now a reporting requirement for a period of 10 years post transfer, removing the temptation of QROP providers allowing non permissable transfers out to beneficiaries. Our experience however shows that our clients are not seeking to evade HMRC, but more to take control of their pensions, and thus this requirement does not appear to have much of a material affect at present.
Equalising taxation treatment of scheme members in their own jurisdiction as opposed to non resident members, would seem to be fair. Guernsey, our current preferred provider location, has already set moves in place to bring its QROPS offerings in line with the new legislation.
For more information how this could affect you, please contact me.
Mark Paine
Meyado
www.meyado.com.sg
