If you are UK resident, even if you have a QROPS, you still have to purchase an annuity come pension time.
Benefits taken from a Gibraltar QROPS scheme are taxed at a flat 2.5% rate. This has made it a very favourable centre for QROPS structures. On the downside, Gibraltar has very few double taxation agreements (DTA) with other countries, meaning there is a risk that you will pay tax on the benefits twice (once in […]
Specialist lender Paragon Group has launched a retail bond aimed at investors who want an indirect way of accessing the UK’s buoyant buy-to-let housing market as well as those who are seeking a higher yield from their capital. The lender, which both securitises the lending its makes, as well as managing portfolios for third parties, […]
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 […]
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” […]
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 […]
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 […]