Pension Changes - QROP's
Discussion
Hi I haven't seen this mentioned anywhere so maybe it hasn't been announced, or won't change, but currently the scope of QROP's says that one of the things that these schemes have to provide an annuity for life.
Now that this is changing in the UK and people will have full access to their pensions from April next year does anyone know if the criteria for QROP's schemes is also changing so that people transferring their pensions will get the same access to their funds?
Now that this is changing in the UK and people will have full access to their pensions from April next year does anyone know if the criteria for QROP's schemes is also changing so that people transferring their pensions will get the same access to their funds?
Sure I understand that but I guess I didn't explain myself properly.
Currently for a scheme to be QROP's compliant it has to "use at least 70% of transferred funds from the UK to provide a pension for life and the pension normally can't start earlier than age 55"
I believe that this guidance was designed to ensure that QROP's compliant schemes were similar to UK rules. So in light of the UK changes I wondered whether the criteria were changing, i.e. so that you no longer have to use at least 70% of transferred funds from the UK to provide a pension for life and you have more access as you would do if it was a UK fund. Also now I think about it I wonder whether the age 55 part would change as well.
Currently for a scheme to be QROP's compliant it has to "use at least 70% of transferred funds from the UK to provide a pension for life and the pension normally can't start earlier than age 55"
I believe that this guidance was designed to ensure that QROP's compliant schemes were similar to UK rules. So in light of the UK changes I wondered whether the criteria were changing, i.e. so that you no longer have to use at least 70% of transferred funds from the UK to provide a pension for life and you have more access as you would do if it was a UK fund. Also now I think about it I wonder whether the age 55 part would change as well.
OK, as far as I'm aware, the rules have not changed & even if the QROPS rules were amended, the Overseas scheme (and approving local Tax office) may still prohibit such changes from applying (I.E; the individual overseas scheme rules would then need to be changed, assuming local Tax/regulatory laws were also changed to allow such action).
darreni said:
OK, as far as I'm aware, the rules have not changed & even if the QROPS rules were amended, the Overseas scheme (and approving local Tax office) may still prohibit such changes from applying (I.E; the individual overseas scheme rules would then need to be changed, assuming local Tax/regulatory laws were also changed to allow such action).
Thanks. I figured if the rules had (or do) changed then there would be at least one country that approved this, I'm sure that the likes of Gibraltar and Malta will want to continue maximising their generous offerings 
Gassing Station | Finance | Top of Page | What's New | My Stuff