Members of the Global QROPS team have been working alongside the UK’s Her Majesty’s Revenue and Customs (HMRC), since prior to the official launch of Qualifying Recognized Overseas Pension Schemes (QROPS) on 6th April 2006.
QROPS came into effect with the introduction of Pensions Simplification in the UK, on A-day, which was 6th April 2006. Members of the Global QROPS team have been regularly talking to HMRC, clarifying points of legislation and offering our own insights as to how the legislation works in practice.
Global QROPS understand fully, the importance of advice to an individual, who is looking to transfer their UK pension funds overseas. Choosing the appropriate QROPS is a crucial element in retirement planning and having that background knowledge in the rules of QROPS, helps Global QROPS piece together the correct advice for an individual.
For many schemes, as well as individuals, the HMRC QROPS rules are a steep learning curve and it is important that the correct procedures are followed by the overseas scheme otherwise members could find themselves subject to UK tax charges. Global QROPS are in a strong position to act as a guide for administrators of schemes that may be unsure of the limits.