Q-day could enable banks to enter QROPS space

clock

Retail banks could come into the QROPS market as legislation removes complexity, according to Rex Cowley, consultant for The Overseas Pension.

Currently there are different encashment and lump sum rules based on jurisdiction but changes brought into effect on 6 April could level the playing field. The reforms combined with new entrants to the market could enable QROPS to become mainstream among those who have UK pension assets but no longer reside in the UK. Cowley said: "Let's look at the big players who've got expat divisions: Barclays, HSBC, Lloyds and Santander. They control millions of expat accounts. They've stayed out of this market place because of all of the issues. If you speak to an international bank's legal and ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Income

How annuity underwriting needs to change to meet Consumer Duty

How annuity underwriting needs to change to meet Consumer Duty

'This is an industry systematically delivering poor outcomes'

Andrew Gething
clock 24 June 2025 • 4 min read
Annuities in a post-freedoms world: The need for rebranding and repositioning

Annuities in a post-freedoms world: The need for rebranding and repositioning

‘The challenges facing today’s retirees are intensifying’

Steve Butler
clock 22 May 2025 • 4 min read
Legal & General goes digital for annuity applications

Legal & General goes digital for annuity applications

Applications could take 14 fewer days to process

Jenna Brown
clock 01 April 2025 • 1 min read