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IFAs warned of confusion over Revenue’s Qrops list

IFAs with expatriate clients could get caught out if they rely on HM Revenue & Customs’ list of qualifying overseas schemes to decide where to transfer pension funds.

HMRC publishes a monthly list of “qualifying recognised overseas pension schemes” that have consented to having their details published for UK scheme administrators wanting to move clients’ pension funds abroad.

Although HMRC moved to clarify the situation in its latest Pensions Tax Simplification Newsletter, No 23, stating whether a transfer to a Qrops is permissible will depend on the legislation of the country in which it is established. It adds that transfers to US “qualified” retirement plans cannot be made from UK schemes.

But Standard Life marketing technical manager Andy Tully says most IFAs will not read the newsletter and says the warning should be placed prominently above the Qrops list. He says: “This is very confusing and has already caught some IFAs out. IFAs could lose their business if they try to process a transfer only to tell the client later that the transfer cannot take place.”


Imla impetus

At last, the silent trade body has begun making noises, insisting it will make its voice heard and campaign for members and advisers.

Skandia warns over safeguarded rights

Skandia is concerned that inconsistent treatment of safeguarded rights among providers could prove extremely confusing for pension advisers.Under A-Day rules, individuals can access their contracted-out pension or protected rights from age 50 (55 from 2010) and draw 25 per cent of their benefits as tax-free cash. The same rules do not apply for safeguarded rights, […]

Winterthur appoints new MD after restructure

Axa has appointed Winterthur’s director of distribution David Thompson as managing director of Winterthur Life.The announcement is part of a series of planned senior appointments at Axa and Winterthur following the company’s decision in November 2006 to restructure its UK businesses. It was announced in November that Winterthur’s high net worth business will continue to […]


FOS to publish 13 test cases on splits

The Financial Ombudsman Service is to publish 13 test cases regarding the split-cap scandal, with nine set to be found against the stockbroker firms involved and bills potentially reaching 40m. Firms have 28 days to respond.


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