More good news for QROPS sector from HMRC
Today’s announcement from HMRC on pension transfers into QROPS (Qualifying Recognised Overseas Pension Schemes) adds further credibility to the sector and is further proof that QROPS are becoming ever-more mainstream.
In a statement this morning, the Revenue presented a new online service, as well as new versions of the two main documents used to transfer pensions from the UK into QROPS, allowing for inspections to take place.
In addition, there was the unveiling of proposals for a new ‘QROPS Scheme Manager ID’, which should be officially launched in December of this year.
The demonstrable fact that HMRC is investing its time, energy and money into the QROPS sector in this way, and also that they are clamping down on those schemes which undermine the sector (as we saw with what has recently occurred in Hong Kong), underscores that it recognises the ongoing soaring demand for this type of pension transfer from those with UK pensions living (or intending to) outside of Britain – and it is responding to it accordingly to make the industry more robust and to safeguard the interest of clients.
At the deVere Group, we have always publicly championed the authorities’ attempts to strengthen the QROPS market through tighter controls. HMRC has, quite rightly, come down heavily, and continues to do so, on those who mishandle pension transfers or those who promote them inappropriately. And now, as we’ve seen by today’s announcement, it is enhancing its own systemsand procedures to ensure that any mistakes of the past remain confined to the history books.
This is a wholly positive step for the pension transfer industry and its clients, and I’m looking forward to seeing how the already thriving QROPS sector can progress even further from all these exciting recent developments.
Nigel Green deVere Group
Blog written 12th August