Listed cross-border pensions can deny transfers

The admission follows an announcement made in a newsletter on 31 October which stated HMRC would publish on the internet a regularly updated list of all the recognised cross-border pension schemes, normally based offshore in the Isle of Man and Channel Islands or used by multi-national companies for their employees, known as Qualifying Recognised Overseas Pension Schemes (QROPS). A QROPS is an overseas scheme which agrees to meet the tax regulations stated by HMRC, in order to make it an acceptable vehicle for UK pension transfers abroad. HMRC says the list was published for the first tim...