QROPS: what you need to know

PENSIONS

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Almost a year on from changes to the QROPS rules, Rachael Griffin, head of technical marketing at Skandia, examines how the product landscape has changed.

Qualifying registered overseas pension schemes (QROPS) have been a hot topic in the international pension arena. In 2006, changes in legislation made it easier for clients with UK pension schemes to transfer them overseas. This, in turn, led to the development of a QROPS industry and an increase in UK pension transfers abroad – estimated to be £467m in 2009/2010 (AJ Bell). In December 2011, HMRC announced a number of changes that would firm up the rules and ensure that they work as it had originally intended. Following consultation, these came into effect on the 6 April 2012. New rule...

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