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Qrops

Displaying items by tag: Qrops

Tuesday, 20 August 2019 12:38

FOS orders Scottish Widows to compensate client

Scottish Widows has been ordered to compensate a client after a rule change around overseas pension transfers led to him being hit by an unnecessary 25% per cent tax charge.
Published in Articles
Thursday, 25 April 2019 12:58

Warning on 350,000 expat pensions over LTA

Around 350,000 UK expats living in the Gulf have been warned they could be breaking the Lifetime Allowance (LTA) limit for pensions tax relief.


The alert came from Abu Dhabi-based IFA Hoxton Capital Management.

Chris Ball, managing partner of the firm says that with many expats in the UAE working in sectors that traditionally have offered generous pension schemes back in the UK – for example, energy, construction and aviation – they are more likely to be affected by the LTA limit. 
 
People working for oil and gas companies could be the most at risk, he says.

Mr Ball said: “Just under a third of the people we speak to know what LTA is.

“Those who know what it is are typically aware of where they stand.

“However, we frequently speak to people in the oil and gas sector who have breached the LTA, some of whom have breached it by substantial margins.”
 
The Lifetime Allowance places a limit on the level of benefit that can be drawn from a pension scheme without incurring additional tax penalties.

This applies to money taken either as a lump sum or as ongoing income during retirement.

The current lifetime allowance is £1,055,000 though the figure could rise in line with inflation.
 
Mr Ball added: “If an expat finds that they are already in breach of LTA relief, our advice is for them to check if they are eligible for protection.

“If they haven’t paid in to their pension since 6 April 2016 they can apply to increase their LTA limit.

“Failing this, if they are within the European Union, transferring their pension to a Qualifying Recognised Overseas Pension Scheme (QROPS) could have potential benefits.”
 
“If, however, an expat is not yet in breach but feels that they could become so, our advice is to stop paying in if they haven’t already done so, and again, if it is a viable option, to look at a QROPS to crystallise the benefits before they are in breach of the LTA.”

Published in Articles
Monday, 13 November 2017 12:57

SIPP firm buys QROPS firm as shares suspended

Shares in SIPP provider STM Group were suspended from the AIM market today at 7.30 am as the group - whose chief executive was arrested in October - announced an acquisition.
Published in Articles
Tuesday, 05 September 2017 14:39

Momentum considers 'strategic' Sipps acquisitions

Momentum Pensions, the SIPP, SSAS and QROPS provider, is considering making strategic acquisitions of SIPP rivals, it says, as it builds up for further growth.
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Chancellor Philip Hammond is to impose a 25% tax charge on pension transfers to QROPS pension schemes from tomorrow (9 March).
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Rathbone Unit Trust Management is to launch four offshore funds, offering Europe-based investors access to its funds for the first time.
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The increased regulation of Sipps could see investors moving towards SSAS and QROPS schemes.
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A joint initiative between Carey Pensions & Benefits and Abacus Corporate Services in Malta is awaiting approval for QROPS status.
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