Andrew Williams

HMRC Overseas Pension List Re-released

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    HMRC has re-released the Recognised Overseas Pension Scheme (ROPS) list released following the temporary suspension it put in place on 14 April.

     

    This follows the March UK budget where vast changes to the QROPS system were made and so required Scheme Managers of QROPS to essentially reconfirm in writing to HMRC that they remain QROPS by the 13 April.

     

    The new list is here: https://www.gov.uk/government/publications/list-of-qualifying-recognised-overseas-pension-schemes-qrops/list-of-recognised-overseas-pension-schemes-notifications#australia

     

    The sole Australian Retail Scheme has again appeared on the new list which as a reminder is exclusive to members age 55 and over.

     

    Regards

     

    Andy

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    Thanks for the update Andy. Can you remind me please once you have transferred your pension does it have to remain in an eligible scheme for a certain time period, and if it does does that scheme need to still appear on this new list? (we transferred ours in 2014 if that makes any difference!)

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    Thanks for the update Andy. Can you remind me please once you have transferred your pension does it have to remain in an eligible scheme for a certain time period, and if it does does that scheme need to still appear on this new list? (we transferred ours in 2014 if that makes any difference!)

     

    No problem.

     

    Prior to the changes the time period that transferred monies had to remain in a QROPS was five clear tax years of non UK residency.

     

    The new rules have seen this time period extend to 10 clear UK tax years with an additional 5 years from date of monies arriving (whichever is greater).

     

    Whilst it does not seem that pre-April transfers will be caught in the post April transfer rules, the finance bill has not yet been passed through parliament and so it would be difficult to be absolute on this.

     

    Are you not happy with your current Scheme?

     

    KR

     

    Andy

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