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 ...
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