ASP penalties push QROPS transfers

As part of a Freedom of Information request, the self-invested personal pension provider found more than 7300 transfers to qualifying recognised overseas pension schemes were made in the two years after A-Day - equating to more than three times the number of clients who entered an ASP. Chief executive Andy Bell says: "These figures support our campaign for a change in the 82% tax penalty applied on death in ASP. The introduction of this tax penalty in April 2007 resulted in a 154% increase in the amount transferred to QROPS versus the previous year." He says this is proof that penal t...