QROPS providers give cautious welcome to Budget

David Higgins, Technical Director at The Overseas Pension said the Budget announcement is good news for the legitimate international pensions industry and in particular QROPS. "There has been too much liberal interpretation of the rules across jurisdictions which has resulted in the encashment of pensions which was clearly not the intent when HMRC gave tax relief on contributions. In addition this tightening up of the rules will give clients more comfort and reduce some of the complexity international advisors have faced." Richard Buchanan, Operations Director at Alexander Forbes Offshor...