The Changes

Amongst the key points to the proposed QROPS legislation changes is the requirement for New Zealand schemes, looking to receive UK pension transfers, to ensure that their scheme will provide at least 70% ‘income for life’ from the UK transferred fund.

In addition, the current trustee ‘reporting period’ to HMRC for benefits paid from all QROPS, will be extended from 5 years of non-UK residency to 10 years after the member transfers out of a UK registered pension scheme.
It is these major changes to the QROPS rules that will mean UK pension members, who have been outside of the UK for more than 5 complete UK tax years, will no longer have the option to transfer their UK pensions (after 6th April 2012) to a New Zealand QROPS and receive 100% of their funds, as a lump sum, immediately.
Opportunities pre 5th April 2012

• If you have already been outside of the UK, for more than 5 complete UK tax years, AND
• Wish to receive greater than 25% of your UK pension as a lump sum, please contact Global QROPS immediately.

There is a limited time period between now and 5th April 2012 to transfer UK pension benefits to New Zealand and receive these benefits as a lump sum.

Please call +44 (0) 1372 724249 of email info@globalqrops.com for more information.

Last Opportunity for New Zealand QROPS is a post from: Global Qrops

In what will include the most significant changes, for transferring UK pension benefits overseas, since 6th April 2006 – the new proposed legislation will affect all involved in QROPS.

Amongst the key points, in the potential changes, is the difference in the ‘reporting period’ from 6th April 2012.

As the QROPS rules currently stand, once benefits are transferred from a UK pension to a QROPS, the QROPS trustees (or administrators) are obliged to report any payments to the member (or member’s beneficiaries), to the UK’s HMRC, for 5 complete UK tax years of the member’s non-UK residency.

The new changes indicate that the reporting period will be 10 years from date of ‘transfer’- rather than for 5 years of the member’s non-UK residency.

Global QROPS understands that the implications for an individual, already resident outside of the UK for 5 complete UK tax years, will be that any transfers from their UK pension to a QROPS, from 6th April 2012 would mean that their benefits would be subject to reporting back to HMRC for 10 years from the transfer.

Many non-UK residents, with UK pensions, should seek expert QROPS advice from overseas pension transfer specialists, such as Global QROPS Ltd, to take advantage of the existing rules before the proposed changes come into effect in April 2012.

QROPS Legislation Changes – the Reporting Period is a post from: Global Qrops

The UK’s leading Qualifying Recognised Overseas Pensions Scheme (QROPS) specialist advisers, Global QROPS Ltd, have been quoted in International Adviser, regarding the major proposed changes, made by Her Majesty’s Revenue and Customs (HMRC), to the QROPS legislation.

In potentially the biggest changes to the rules, for transferring UK pension benefits overseas, since the original introduction to the QROPS rules – which commenced on 6th April 2006 – the new proposed legislation will affect all QROPS jurisdictions, existing QROPS schemes and both new and existing members of QROPS from 6th April 2012.

The change, that affects the popular QROPS jurisdiction of Guernsey, is the introduction of “Primary Condition 4” – which has been included in both the draft Statutory Instrument and in the new QROPS application form APSS251.

This new condition stipulates:

“Where an exemption from tax in respect of benefits paid from the scheme is available to a member of the scheme who is not resident in the country or territory in which the scheme is established, the exemption must—
(a) also be available to members of the scheme who are resident in the country or territory; and
(b) apply regardless of whether the member was resident in the country or territory—
(i) when the member joined the scheme; or
(ii) for any period of time when they were a member of the scheme.
For the purposes of this condition “exemption” means any exemption available under the system of taxation of personal income in the country or territory in which the scheme is established other than an exemption which applies by virtue of double taxation arrangements.”

The impact of this new condition will mean an overseas pension scheme (that has QROPS status) will have to offer exactly the same tax regime to its members in their jurisdiction as to those outside of the jurisdiction.

This is currently not the case for resident and non-resident members of Guernsey QROPS where tax treatment of income paid from the scheme is different.

Please see the link to the article: http://international-adviser.com/news/uk/uncertainty-over-qrops-legislation

Global QROPS Ltd quoted in International Adviser is a post from: Global Qrops

This is being held in Guildford, Surrey on Saturday 20th August 2011 and we would like to offer you the opportunity to attend. Global QROPS will be providing specialised insights on transferring pensions to New Zealand – as well as other financial aspects that need to be considered when migrating to New Zealand.

As well as pension transfers to New Zealand, you will also have a chance to obtain valuable information on New Zealand visas, job opportunities in New Zealand, removals, pet shipping, banking and foreign currency exchange.

This seminar is ideal for people in the construction industry, such as Quantity Surveyors, Civil Engineers, Construction Project Managers, Architectural Builders, Estimators, Building Inspectors, General Builders – residential and commercial, Carpenters, Joiners, Draughtsmen, Quantity Surveyors, Plumbers, Gasfitters, Roofers, Bricklayers, Electricians and Welders – all of whom are looking for a fresh start in New Zealand.

The seminar is also ideal for people that work in the IT sector, such as DBA – SQL, Intermediate to Senior Level, Developers – Java and .Net, Datawarehouse and BI Consultants, Sharepoint Developers/Administrators, Experienced Test Analysts and Performance Test Engineers, Mid Level Business Analysts and Lead Business Analysts., MiddleWare and Websphere Consultants, Expert level VMware Consultants and Mobile App Developers – Intermediate and up.

If you would like to book a place at this event, please contact Global QROPS at our email address, which is: info@globalqrops.com or telephone our office on 01372 724249.

Spaces will be limited, therefore, if you are interested please contact Global QROPS at the earliest possible opportunity.

Live and Work New Zealand Migration Seminar – Featuring Global QROPS is a post from: Global Qrops

Event Details:

Venue: Mandolay Hotel Guildford, GU1 2AE.
Date: Saturday 2nd April 2011
Time: 10:00am – 3.00pm

Nearest Train Station:

London Road (Guildford) Rail Station

If you would like to book a place at this event, please register your interest by emailing info@migrationassociates.co.uk or contacting our office on 0148 323 0484, Mon – Fri, 9am – 5pm to book your place for the event.

We hope this information has been of use to you, and hope to see you at this event or in another upcoming event in the near future.

Please feel free to contact us for more information.

Global QROPS look forward to seeing you there.

Global QROPS Ltd at the April New Zealand Migration Seminar is a post from: Global Qrops

In addition to expert visa advice from Thames Migration, there will be a range of service providers exhibiting and available to speak to in aspects such as recruitment, job opportunities, banking, currency exchange and removals. As stated, Global QROPS will be there to provide information on pension transfers to Australia as well as other important financial advice relevant for a UK resident considering migrating to Australia.
This comprehensive seminar will be held in Richmond, on Saturday 12th February 2011, from 11am to 2pm at:

NAB
Richmond Financial Solutions Centre
4th Floor, Gateway House
The Quadrant
Richmond TW9 1DN

In attendance are:

Global QROPS – experts in financial advice and pension transfers to Australia
Thames Migration – Registered Migration Agent Hannibal Khoury
IELTS – International English Language Testing System
NAB – Migrant and Expatriate Banking
Anglo Pacific – Removals and World Movers
Hays – Job Placement Specialists
Flight Centre – Flights and fares to Australia
Moneycorp – Currency Exchange specialists

To secure your place at this FREE event please visit www.thamesmigration.com and complete your details before 31st January 2011

The Thames Migration Team will be in touch shortly to confirm that your attendance has been booked.
Please feel free to contact Global QROPS for more information regarding this Seminar, advice on pension transfers to Australia or any other aspect of financial advice.

Free Australian Immigration Seminar – Attended by Global QROPS is a post from: Global Qrops

As already established, QROPS in the Isle of Man underwent a major change, earlier this year, when the withholding tax on income paid from their QROPS scheme (at a rate of 20%) was withdrawn.

Further to this change, the Isle of Man has looked at the possibility to increase the tax free cash entitlement, to overseas residents who are members of their schemes – within the existing QROPS legislation.

Already in existence, on the Isle of Man QROPS, were rules allowing for a tax free cash lump sum at 30% of the QROPS fund value, for members at retirement – providing they have been outside of the UK for at least 5 complete UK tax years. This potential 30% was already more attractive than the 25% of the funds value available from a UK money purchase scheme and the 25% of the funds value available in some other QROPS jurisdictions.

In addition to the standard 30% tax free cash, Isle of Man QROPS are looking to pay tax free cash on any growth on top of the balance 70% of the UK pension fund initially transferred in. This option is only available after the 5 year QROPS reporting period. This has come into effect from 22nd October 2010.

Please see the link to the Financial Times article:
http://www.ftadviser.com/FinancialAdviser/Pensions/News/article/20101111/ca8a8e64-e81b-11df-b25f-00144f2af8e8/Manxs-Qrops-entry-to-start-competition-of-offshore-centres.jsp

The expert team of advisers at Global QROPS Ltd will be happy to answer any further questions on this subject.

Global QROPS comments in the Financial Times Adviser is a post from: Global Qrops

Global QROPS can advise you on how to access your UK pension fund as a tax free lump sum if you have been non UK resident for at least 5 complete UK tax years.

Transferring your UK pension fund to a QROPS can also save you up to 50% tax on income withdrawals.
It is possible to transfer your UK pension fund to any jurisdiction in the world, some of which offer more favourable benefits than others. We offer whole of market, FSA regulated advice and can advise you on what jurisdiction is right for your particular circumstances.

Please contact us to find out about our free no obligation report or to book a meeting with one of our consultants.

QROPS advice for Dubai Residents is a post from: Global Qrops

Current legislation in Jersey allows only residents to be members of their pension schemes. Jersey officials are now looking at this law with the view of making their pension schemes (that have been approved as QROPS by HMRC) available in the international market.

There may well be a way to go before the first UK pension transfer can go into a Jersey QROPS for a UK expat pension member that is not resident of Jersey. Aside from Jersey pension legislation being re-drafted and accepted in to the island’s law, the UK’s HMRC (Her Majesty’s Revenue and Customs) will have to be satisfied that any potential change in the Jersey pension laws does not interfere with their conditions of the schemes prior approval.

It was originally understood that the option for a non–Jersey resident to transfer a UK pension to a Jersey QROPS would be available from January 2011. Given the work that has to go in to satisfying both the Jersey authorities and the UK’s HMRC, the first Jersey QROPS, for non Jersey residents, will not be available until sometime after that date.

For more information about QROPS, please speak to an adviser at Global QROPS Ltd.

Jersey QROPS to Enter the Market Place is a post from: Global Qrops

As with all previous updates with the QROPS list, this is not a completely definitive list. There may be several QROPS (Qualifying Recognized Overseas Pension Schemes) available that have chosen not to be on the list.

More important to note, however, is the fact that there may be QROPS on the list that are about to lose their approval or have, prior to the list being published, lost their approval already.

At the time that this appears in Global QROPS Ltd’s latest news items, Global QROPS Ltd are aware that there is a scheme in Hong Kong that appears on HMRC’s QROPS list that has lost it’s approval. HMRC may well amend the list in due course but it is worth reminding those looking to transfer their UK pension overseas, that the QROPS list is not a definitive guide as to what is and is not available and that specialist advice should be sort.

In addition there may be QROPS detailed on the list, that are unable to accept pension transfers in from non-resident members (such as Australian QROPS and Jersey QROPS, for example) and there may be schemes, such as USA QROPS, that have been approved by HMRC as QROPS but do not allow transfers in to their schemes under their own local rules.

For the latest QROPS list, please see the attached link.

http://www.hmrc.gov.uk/pensionschemes/qrops.pdf

UK’s HMRC’s Latest QROPS List is a post from: Global Qrops