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What is a QROPS

What is a QROPS?

This is the Wikipedia definition of a QROPS. A Qualifying Recognised Overseas Pension Scheme, or QROPS, is an overseas pension scheme that meets certain requirements set by HM Revenue and Customs (HMRC). A QROPS can receive the transfer of UK Pension Benefits without incurring an unauthorised payment and scheme sanction charge. The QROPS program was […]

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Five investments that helped your parents retire early

Five investments that helped your parents retire early

The best performer turned £10,000 into £1.47m in 28 years. Emma Wall of the Daily Telegraph on five incredible investments. Read the full article here.

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Prophecy Pension Update

Prophecy QROPS Update

Prophecy Pension Trustees have now agreed the final details of the transfer of all Prophecy SIPP/QROPS schemes to the proposed new pension trustees. This has also now been approved by the Isle of Man Insurance and Pension Authority. The new trustee of the scheme is Baker Tilly Isle of Man Corporate Trustee Limited, the in-house […]

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Warning against early relese pension offers

DeVere Warn Against Pension Busting

Ok, I generally don’t agree with these guys, however in this case they are bang on the money. Simply, to ignore HM Revenue & Custom’s warnings over pensions busting schemes is to do so “at your peril”. DeVere & Partners chief executive Nigel Green said people should be very wary of schemes offering to “unlock” […]

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expat financial advice, expat pension consolidation

An Alternative to QROPS

Ripples have gone through the QROPS (Qualifying Recognized Overseas Pension Scheme) industry in recent weeks, as Guernsey lost it’s QROPS status. Prior to this, Guernsey had been considered to be a premier centre for QROPS. Whilst existing QROPS based in Guernsey will not be impacted, immediately, it places a huge question mark over the long-term viability of […]

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QROPS Provider in Liquidation

If you have a QROPS/SIPP with Isle of Man provider Prophecy Pension Trustees Limited, then you will either have just received or be just about to receive a letter advising you of their voluntary liquidation. While this has come as a surprise, it should be nothing to get overly concerned about as the liquidation only […]

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offshore ifa, expat financial adviser, qualifying recognized overseas pension scheme.

QROPS Update – New HMRC Qualifying List Released

HMRC yesterday published an updated list of registered QROPS which incorporates tax changes surrounding QROPS which came into effect on 6 April. As expected, the new list confirmed the removal of the vast majority of Guernsey domiciled QROPS. Out of the 313 schemes that were listed previously, only 3 remain on the list now. Another […]

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offshore ifa, expat financial adviser, qualifying recognized overseas pension scheme.

Guernsey QROPS: Only ‘Guernsey Resident-Only’ Schemes To Be Approved In Future

A Guernsey government statement this morning has revealed that HMRC has informed them that in future, Guernsey pension providers will only be permitted to accept transfers of the UK pensions belonging to Guernsey residents. This has caused much confusion among Guernsey based QROPS providers and will lead to much discussion in the coming days. What […]

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Qualifying Recognized Overseas Pension Scheme - News for UK Expats

Boal & Co.Temporarily De-list Their Trinity QROPS

Isle of Man based Boal & Co. are to temporarily de-list their Trinity QROPS (Qualifying Recognized Overseas Pension Scheme) as a result of changes in QROPS legislation which were finally published last week. The company said it has had to take this decision as the Isle of Man government has not yet put in place […]

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New Zealand QROPS encashment window closed

Pension Encashment Window Closed

HMRC accidentally published details of its amendments to the Qualifying Recognized Overseas Pension Scheme (QROPS) legislation last week. These details didn’t contain any real surprises and will be finalized in the coming couple of weeks. What they do however is confirm that the window that allowed people to access 100% of their pension money via […]

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