Networth
What happened to QROPS? New challenges for UK pensioners
- Published: 7 Oct 2012 at 00.00
- Newspaper section: Spectrum
Are you up to date with all of the advantages and possible pitfalls of a Qualified Recognised Overseas Pension Scheme (QROPS)? There have been sweeping changes this year which could be significant for you if you have deferred pension schemes in the UK.
The effects of the changes made since our last QROPS update in May are now being felt by those who have recently retired or are close to retirement.
On pension "A-Day" in 2006, the British government introduced legislation changing the face of UK private pensions and effectively offered expats everywhere the opportunity of a lifetime. In accordance with new European Union rules on free movement of capital, the UK became obliged to allow "frozen" or "deferred" pensions to be legitimately exported. If you have ever worked in the UK. No matter what your nationality, this could apply to you.
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