Blacktower sponsored NORCECA beach volleyball tournament

FRIDAY 24 JUNE 2016: The British electorate has given its verdict on the UK’s membership of the European Union in no uncertain terms. In spite of the more emotional appeals to the contrary, this is not a disaster. On this extraordinary day, it is worth remembering that on the 20 February 2016, when David Cameron announced that the EU referendum would take place, the FTSE 100 index was at 5950, the 10 year Gilt yield stood at 1.41% and the sterling/dollar exchange rate was 1.44. At lunchtime on Friday June 24 the FTSE 100 is trading at 6060, the 10 year gilt yield is 1.07% and the dollar exchange rate is 1.37. On the face of these numbers you could be forgiven for not knowing what has taken place in the past 24 hours.

On April 6, many new regulations for QROPS came into effect. These changes were made to make the taxation of foreign pensions more in line with UK pensions. Any QROPS not registered as being compliant with the new rules by April 5 could be delisted by HMRC.

One significant change means that, as long as they qualify under the other requirements, it’s no longer compulsory for schemes to adhere to the “70 per cent” rule. This is a rule that ensures providers ring fence 70 per cent of the pension contributions transferred into the QROPS in order to provide the saver with income for life.