Offshore centres at risk over QROPS changes

HMRC has been monitoring QROPS following exploitation of the rules, which has seen them being marketed to access pension lump sums. According to HMRC, an individual who leaves the UK and transfers their pension savings should be in broadly the same position as someone with pension savings who remains in the UK. "The Government has found that QROPS are being marketed extensively as a way of paying amounts or enabling the payment of amounts that are not allowed under UK rules - in particular 100% lump sums - once the UK tax rules no longer apply. This is contrary to the policy rationale ...