New QROPS rules
From Aprl 2012 new rules were announced by HMRC relating to transfers to QROPS pension schems effective from 6th April 2012. In summary, a QROPS policyholder must now have been non UK resiedent for 10 full tax years in order to fully benefit from the tax adavnatages of QROPS schemes. In addition, scheme must now [...]
QROPS: the new SIPP for UK expats
An increasing number of UK expatriates are now turning to QROPS (Qualifying Recognised Overseas Pension Schemes) as their preferred overseas pension vehicle, due to the significant advantages they offer to their UK counterparts, such as SIPPs.
New QROPS rules will improve industry
The new rules on QROPS will ultimately lead to an improvement of the QROPS industry in offshore pension schemes, according to Anna Morris, Director of Rochester International. The new rules, announced in draft regulations which are set to become effective from April 2012, were introduced to prevent ‘ scheme busting’ by offshore schemes , particularly [...]
Concerns over Kodak final salary pension scheme
Serious concerns have been raised over the future of the Kodak pension scheme, it has emerged.
Annuity rates continue to fall
Recent studies have shown that annuity rates have fallen again throughout 2011 to reach their lowest levels for almost 20 years. The reason for this is twofold: firstly people are simply living longer: therefore as annuity rates are based around average life expectancy, then it follows that increased longevity results in reduced annuity rates.
Final Salary Pension Scheme deficits grow
Figures recently released have shown that final salary scheme deficits in the UK have increased from £40 billion to £48 billion throughout 2011, thus placing even greater question marks over the long term viability of final salary schemes, which will be of increasingly greater concern to scheme members.
Troubles ahead for final salary schemes
There has been a lot of discussion recently with regard to final salary pension schemes, with the fundamental question being: just how safe are they?
Final salary pension schemes- the liabilities increase
Final salary pension schemes have for many years offered a very attractive guaranteed pension benefit for employees fortunate enough to work for employers who offer them. They offer a guaranteed level of pension, typically 1/60th of final salary for every year of pensionable service.
QROPS Advice – Isle of Man Legislation
New legislation relating to Isle of Man based QROPS pension schemes now mean that it is possible to release significantly higher levels of tax free cash from a QROPS scheme than that which is available from UK based pension schemes, such as SIPPs or personal Pensions.
Rich Britons retire tax free abroad
Under new rules Britons who emigrate permanently can transfer their entire retirement savings, which have been subject to tax relief, to a foreign pension plan and not pay a penny in tax.