No charges for ineligible pension schemes post Q-Day

Legislation due on 6 April 2012, dubbed Q-Day, is expected to implement tougher reporting requirements to combat offshore tax abuse. Currently QROPS providers have to report events to HMRC for five years from the member's initial transfer date. This is likely to increase to ten years. There has been industry concern that investors would be exposed to unexpected levies, as their pension schemes were no longer eligible due to jurisdiction or voluntary disqualification. To provide clarity, Higgins said: "if you've transferred your client's UK pension to a QROPS and it ceases to be a QROP...