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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | February 2009 (16 blogs) | Pension transfers overseas: QROPS circled by HMRC
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Pension transfers overseas: QROPS circled by HMRC
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Before the credit crunch began, more Britons were planning to retire abroad that ever before. ONS figures released at the end of 2007 showed that there were almost 600 people emigrating every day. Taking your pension pot with you would be an obvious choice for many of those moving to foreign shores, but inevitably new pension rules introduced in 2006 have been ‘excessively exploited’ by a few.
It seems that HMRC is very closely monitoring the transfer of pensions overseas, having removed some Singaporean schemes from its ‘QROPS list’ last year. As this article reports:
‘The number of pension transfers to popular destinations has grown steadily in recent years. Jurisdictions such as Hong Kong, the Irish Republic and the Channel Islands all offer more lenient tax treatment on retirement income options, inheritance and lump sum payments from pension funds.’
There are few areas of financial advice more complex than pensions, and overseas pension transfers in particular add another layer of complication. See:
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Mike Jones, MyCompanyPension.co.uk Ltd, February 18th 2009
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