QROPS 400 Schemes Delisted
iExpats has reported news that 400 QROPS have been de-listed as HMRC seeks to review all recently recognised schemes.
As I stated recently on my blog HMRC have recently tightened the rules
which can only be good for the clients and the financial services industry.
When we called HMRC they at first said it was an error, then later when called by a second person were very coy about the reasons for the change.
It seems to me as reported on iExpats that HMRC are reviewing all recent schemes. We look forward to the outcome and a HMRC statement at some point clarifying their position. It is being said in the industry that HMRC have made an error and published their list two weeks before they should have.
Uncertainy is not good for anyone in my opinion. As I have said many times, I’m strongly in favour of expats being able to move their pension to another country if they no longer live in the UK. This is the rule in many countries and I believe it is correct. What is not correct of course is when people try to move their pension to ‘bust’ it. A pension should always used as it was intended, that is as a pension.
Nigel Green deVere group
Blog written 2nd July