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Flip-Flop QROPS: A Brief History of QROPS

Flip-Flop QROPS A Brief History Of The HMRC's Position on QROPS September 8, 2009 Gibraltar QROPS freezes transfers. It is the beginning of three years of negotiations over accepting UK pension pot transfers. April 6th, 2006 January 20th, 2010 QROPS legislation introduced due to EU pressure as part of pension simplification, known as 'A-Day'. Prior to 6th April 2006, a UK pension scheme member moving abroad had to achieve certain criteria before they could transfer their UK pension overseas. A Freedom of Information request by a UK pension provider tried to show QROPS were a tax dodge, but only encouraged more transfers as the it showed pension savers how a QROPS could ease improve their pension November, 2010 The Institute of Financial Accountants grasses up Trinity QROPS as tax abuse, the fransfers are put on hold. The Isle of Man 50c are reported to HMRC for pension rule violations. January, 2011 October, 2010 HMRC reviews legislation to prevent abuse and increases the reporting period from 5 years non-residency of a member to 10 years from the date of transfer of the scheme Isle of Man launches it's first QROP scheme called Trinity. It is registered as a QROPS with HMRC and the Trinity Rules permit the payment of a much higher retirement lump sum than any other QROPS, which can be as high as 75% or 80% of fund value. December, 2011 New QROPS draft rules released by the government following a £3,5 million QROPS fraud in September. The main change introduced a new rule that all QROPS accepting non-resident members have to ensure that 70% of the transferred fund provides an income for life. April, 2011 April, 2013 Guernsey QROPS providers up their game with voluntary code of conduct aimed at giving retirement savers confidence in their schemes. It is published in April 2011, the first to print anywhere in the world." The new reguirement demands QROPS report on schemes every five years and must inform HM Revenue and Customs (HMRC) that the scheme remains a QROPS every five years. brought to you by : QROPS Review

Flip-Flop QROPS: A Brief History of QROPS

shared by AccuraCast on Jun 03
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This infographic looks at the history of the HMRC's QROPS scheme and how the way the that it has been managed has changed over the last few years.

Publisher

AccuraCast

Category

Economy
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