Guernsey-based QROPS specialist, Overseas Pension, is organising a number of information initiatives to help IFAs understand what the forthcoming changes to QROPS legislation mean for clients. The first will be conference call on 26 January.
Legislation set to be introduced on 6 April 2012 is likely to see a number of changes affecting the sale of QROPS and has led to criticisms of the QROPS industry due to the lack of clarity coming from providers, representative bodies and jurisdictional authorities.
As a result, advisers are struggling to provide sound advice to clients who have an existing QROPS, are considering or are in the process of transferring their UK pension offshore, as well as those who live outside of the UK, but have opted to use a SIPP whilst they wait for the 5 year rule to pass
David Higgins, technical expert director for Fairbairn, which is the trustee and the administrator of The Overseas Pension QROPS, warns IFAs about rushing into decisions, particularly in view of some questionable schemes that are springing up to capitalise on the event.
“We are running a number of initiatives including conference calls to equip IFA’s with the necessary information to help them make key decisions. Let’s not forget that a pension is typically one of your client’s largest assets and you can’t afford to get it wrong as people’s retirement and financial security is at stake.” IFAs who do not use the Overseas Pension QROPS are also welcome to participate.
The Overseas Pension, provided by Fairbairn won the award for Best QROPS Provider in 2011 at the Professional Adviser International Fund and Product Awards. It iis the only QROPS provider which is part of a UK listed FTSE blue chip firm.
A conference all on the 'implications for QROPS pre and post 6 April 2012' will take place at 9.30am on 26 January 2012. All IFAs can register to participate on the website.
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