Qrops

The number of Guernsey-based qualifying recognised overseas pension schemes (QROPS) has been slashed by HM Revenue & Customs (HMRC) from 313 to just three.

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A significant proportion of Guernsey pension schemes are set to lose their approved qualifying registered overseas pension scheme status when rules are tightened on Thursday.

The Isle of Man Association of Pension Scheme Providers (APSP) has stated that the Isle of Man will continue to monitor the situation before any decision on changes to QROPS legislation is made.

Boal & Co has been forced to de-register its Isle of Man-based Trinity QROPS from 4 April. The move is due to Isle of Man tax legislation not changing in time for the 6 April 2012 transition to comply with new HMRC regulations.

Providers agree that while final legislation announced in the Budget will not have a material impact on UK expats retiring overseas, there will be increased obligations on providers and QROPS jurisdictions.

The Isle of Man Government says it has been working on a 'number of options' to cope with potential changes to the Qualifying Recognised Overseas Pension Scheme (QROPS) regime announced by the UK government last year and due to come into force on 6 April...

Proposals to reform the rules around qualifying recognised overseas pension schemes (QROPS) may prompt a spate of mis-selling of competing products, an expert has warned.

Retail banks could come into the QROPS market as legislation removes complexity, according to Rex Cowley, consultant for The Overseas Pension.

QROPS that fail to take up proposed rule changes will not be hit by hefty member charges, according to David Higgins, technical expert director for Fairbairn's at Overseas Pensions.