December 12th, 2011
On 6th December 2011, HMRC released a ‘consultation’ document which will, in effect, mean that the opportunity for overseas residence to transfer their UK pension benefits, to a Qualifying Recognised Overseas Pensions, and receive up to 100% of the funds value as a lump sum, will no longer be available from 6th April 2012.
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.
Tags: New Zealand QROPS, Pension Transfer New Zealand, QROPS Limits, QROPS Lump Sum, QROPS Rules
Posted in New Zealand QROPS, News, QROPS Rules | Comments Off
December 12th, 2011
Qualifying Recognised Overseas Pensions Scheme (QROPS) specialist advisers, Global QROPS Ltd, are looking at the implications at HMRC (Her Majesty’s Revenue and Customs) proposed changes to the QROPS legislation.
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. Read the rest of this entry »
Tags: QROPS reporting period, QROPS Rules
Posted in News, QROPS, QROPS Rules | Comments Off
December 12th, 2011
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. Read the rest of this entry »
Tags: QROPS legislation
Posted in News, Press, QROPS, QROPS Rules | Comments Off
July 26th, 2011
Following the success of the previous ‘Live and Work in New Zealand’ events Global QROPS Ltd are co-hosting the latest free New Zealand focused migration seminar.
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. Read the rest of this entry »
Tags: New Zealand Migration, New Zealand migration seminar, New Zealand QROPS
Posted in Migration Events, New Zealand QROPS, News, Press, QROPS | Comments Off
March 25th, 2011
Global QROPS would like to invite you to a New Zealand focused Migration Event being held in Guildford, Surrey. Global QROPS are amongst some key speakers that would like the opportunity able to provide you with advice on obtaining Visas and general information on migrating to New Zealand. You will also have the opportunity to obtain information on your recruitment, shipping, banking, foreign exchange and financial pension needs. Read the rest of this entry »
Tags: Migration to New Zealand, New Zealand Emigration, NZ QROPS;
Posted in Migration Events, New Zealand QROPS, News | Comments Off
February 1st, 2011
Global QROPS, the UK’s leading experts in UK pension transfers to Australia, are pleased to invite you to a FREE seminar on migrating to Australia, in conjunction with professional immigration consultants Thames Migration.
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. Read the rest of this entry »
Tags: Australia Pension Transfer, Australia QROPS
Posted in Australia QROPS, Migration Events | Comments Off
December 9th, 2010
Once again, the leading UK based financial advisers on UK pension transfers overseas, Global QROPS Ltd, have been asked their opinion by the Financial Times.
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. Read the rest of this entry »
Tags: Isle of Man QROPS, QROPS Lump Sum, QROPS tax free cash
Posted in Isle Of Man QROPS, News, Press | Comments Off
October 8th, 2010
The UK’s leading independent QROPS advisers are offering free initial consultations to residents of Dubai.
One of the benefits of living in Dubai is the low tax environment. This can provide excellent planning opportunities with regards to your UK pension.
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.
Tags: Dubai QROPS; Dubai Pensions, Qatar QROPS
Posted in Advice, News, QROPS | Comments Off
September 26th, 2010
As anyone looking into QROPS (Qualifying Recognized Overseas Pension Schemes) would be aware, there are in excess of 100 QROPS in Jersey. These QROPS are not open to non-residents of Jersey. However, this situation could be about to change at some point in the next 2 years.
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. Read the rest of this entry »
Tags: Jersey QROPS, overseas pension, QROPS ADVICE, QROPS SCHEME
Posted in News, QROPS | Comments Off
September 22nd, 2010
The latest QROPS list, published by Her Majesty’s Revenue and Customs (HMRC) Pension Scheme Services (PSS), was published on 3rd September 2010.
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. Read the rest of this entry »
Tags: Approved QROPS, HMRC QROPS, HMRC QROPS list, QROPS transfer
Posted in News, QROPS | Comments Off
