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HMRC report details French QROPS

Guernsey, Ireland and the Isle of Man remain popular QROPS jurisdictions, with the countries having 143, 91 and 218 QROPS respectively. Other popular jurisdictions are Canada (60) and Germany (30). France has 12 recognised QROPS schemes.

HMRC usually publishes its QROPS list on a bi-monthly basis. However, although it lists the number of new and delisted schemes in each country, it does not report details of the numbers of people choosing to invest in each scheme, nor does it detail the individual, total or average figures invested.

The QROPS list is important because it allows retirement savers to be sure that schemes meet the HMRC criteria.

Talk to an independent international financial adviser to find out more.

Other News

Could No-Deal Brexit Make British Pensions for Expats Illegal?

British coinsFollowing on from last week’s blog on pension passporting, written by Rosemary Sheppard, Blacktower IFA in France, The Independent newspaper has now warned that British expats abroad could have their cash flow placed in peril by a no-deal Brexit.

While the talks around Brexit and expat pensions are certainly newsworthy, the reporting of pension payments becoming “illegal”, as stated in The Independent’s headline, is pretty implausible.

The story, published on July 25 2018, said the Association of British Insurers (ABI) had told parliament’s Exiting the European Union select committee of the “plausible” risk that payments from British bank accounts could become unviable.

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Pension Transfers – the need for advice

Island in the shape of the euro signThe UK government has admitted there are not enough pension transfer specialist advisers to deal with demand, particularly in the case of more complex transfers into overseas pensions. This was the government’s response in March to a consultation launched two years ago, on whether the need to take financial advice, introduced with pension freedoms, created difficulties for overseas residents – residents such as those living in Cyprus wishing to transfer their pension savings from the UK to a qualifying recognised overseas pension scheme (QROPS).

According to data from HM Revenue and Customs (HMRC), there were just short of 10,000 transfers to a QROPS in the 2016/2017 tax year. However, from these, only transfers of more than £30,000 would be subject to the advice requirement.

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