Close International's Rex Cowley says a lack of real expertise and understanding in the industry about QROPS has resulted in substantial repercussions for advisers and their clients.
Qualifying Recognised Overseas Pension Schemes, or QROPS for short, are not new. HMRC allowed non-resident UK pension scheme members the ability to transfer their accumulated pension assets to another jurisdiction without tax or transfer penalties back in 2006; but QROPS have truly taken off in the last year. There are many suggestions as to why; weak sterling, increased social mobility, changing tax rules, negative media attention on the pensions issue; really there is no right or wrong reason here. What is key, however, is QROPS, and the opportunities QROPS offer providers, advisers an...
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