Beazley QROPS members may duck 55% charge

It emerged today the Beazley Consulting Pension Scheme, sold to British expats in Hong Kong as a Qualifying Recognised Overseas Pension Scheme (QROPS), does not meet HMRC criteria and should never have been classed as such. For people who invested in the scheme, this could mean a 40% unauthorized payment charge on their savings, plus a 15% surcharge. However, HRMC has agreed to waive the 15% charge if investors can demonstrate their belief the scheme was a genuine QROPS, and it will even consider appeals against the 40% unauthorized payment charge. A spokesperson for law firm DLA P...