Retirement Articles

How Pension Freedom Rules Affect You

The rules about how retirement savers can take the money from their pensions changed on April 6, 2015. From this date, anyone over 55 years old with a direct contribution pension can draw their money to spend or reinvest as they wish, whether they are still working or not. For savers under 55, the money is only accessible if the retirement … [Read more...]

HMRC Fires Angry Warning To QROPS Savers

If an expat transfers their cash to an offshore pension scheme that’s not a Qualifying Recognised Overseas Pension Scheme (QROPS), the tax man will have little sympathy. In a sharp notice published in the latest HM Revenue & Customs (HMRC) Pension Schemes Newsletter for providers and advisers, the tax man talks about ‘numerous requests’ … [Read more...]

What’s The Difference Between A ROPS And A QROPS?

Qualifying Recognised Overseas Pension Scheme (QROPS) have led the way as offshore pensions for expats since April 6, 2006 – but now a new pension is taking over. A Registered Overseas Pension Scheme (ROPS) has suddenly taken the place of QROPS on most HM Revenue & Customs (HMRC) guidance. So what is a ROPS? Offshore pensions for British … [Read more...]

IFAs Give Pension Transfers To Unauthorised Advisers

Financial watchdogs are cracking down on UK based IFAs who are outsourcing to unauthorised advisers to switch pension companies for clients. The Financial Conduct Authority (FCA) has accused several IFAs of requesting unregulated advisers to transfer pensions into self-invested pension plans (SIPPS) or Qualifying Recognised Overseas Pension … [Read more...]

What’s The Point Of The ROPS List?

HM Revenue & Customs (HMRC) has published 123 lists of overseas pensions that meet the standards as Qualifying Recognised Overseas Pension Scheme (QROPS) since April 2006 – but the list seems pointless as no one checks if the pensions meet QROPS rules. The idea is that managers of qualifying pensions self-certify their schemes meet QROPS … [Read more...]

How Much Have You Saved For Retirement?

One in four over 50s have no idea how much their pension funds or worth or how much cash they have to see them through retirement, according to new research. Despite publicity surrounding new pension freedoms introduced in April 2015, the message seems to have gone unnoticed by thousands of retirement savers. The study by financial services … [Read more...]

Transferring A NHS Pension To A QROPS

If you have a UK National Health Service pension and want to transfer your fund overseas, time is of the essence. NHS pension rules allow a pension switch overseas – but only to a Qualifying Recognised Overseas Pension Scheme (QROPS). The government banned transferring public sector pensions to a QROPS in April 2015, but failed to draft the … [Read more...]

Can I Transfer My Pension To A Philippines QROPS?

If you are a British expat living in The Philippines who believes switching UK pension into a Qualifying Recognised Overseas Pension Scheme (QROPS) is impossible, then think again. Even though no providers are based in The Philippines, providing you find the right pension to suit your personal circumstances, transferring to a QROPS and taking … [Read more...]

Pension Jargon Buster

Pensions are hard enough to make sense of without having to consider some bamboozling jargon. Here’s a translation of some of the more common terms into plain English: Annuity An annuity is an insurance contract that offers a guaranteed income until from the date of purchase until death. Annuities come in different types – Enhanced … [Read more...]

What’s Happened To My Australia QROPS?

If you transferred a pension from the UK to an Australia Qualifying Recognised Overseas Pension Scheme (QROPS) you may have concerns that a large tax bill is on the way. Even though you may have transferred your pension into an Australian fund listed by HM Revenue & Customs (HMRC) in the UK, you may now find that the provider was not … [Read more...]