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QROPS pensions transfer rules debate

The effect of this is that expats who seek advice abroad regarding their pension must also seek advice from a UK professional authorised to do so.

Now the Association of British Insurers, together with a number of wealth management professionals, has called for the government to abolish the advice rule and instead replace it with a guidance session, saying that any such move would also reduce the fees burden on consumers.

The survey questioned nearly 300 advisors from across Europe, Asia, the Middle East and Africa and discovered significant resistance to the new rules, which require consumers to pay an additional fee to a UK adviser, while also raising concerns that having two advisors could muddy any potential liability issues.

“A surprisingly high number of overseas advisers [69%] have already successfully linked up with UK adviser firms but the number of advisers who have faced challenges is alarming,” commented a spokesperson with Old Mutual.

“It is imperative that clients are not detrimentally impacted, so we would welcome a review by the Department for Work and Pensions.”

If you are unsure about QROPS rules, contact Blacktower for bespoke advice regarding your personal situation.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

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The End of NHR? Not the End of the World but Planning is Everything

50 Euro notes and Portugal flagTime may be running out for British retirees to move to Portugal in order to take advantage of its valuable Non-Habitual Resident tax programme. Currently, talk abounds that the scheme will come to an end in 2018 and be replaced with a 10% net expat tax regime from the first day of the New Year. Luckily, for those who feel they may be tempted by a move to Portugal, any move before this cut-off date will ensure that they are able to enjoy the benefits of NHR status as they currently stand.

However, it is important to bear in mind that UK QROPS, QNUPS and SIPPS pension transfers usually take around three months, so, although nothing concrete has yet been announced, time is of the essence for any person to make the most of both NHR status and any associated pension transfers.

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