Double tax-free cash exposes QROPS loopholes says Aries


A QROPS loophole, where a member can take double tax free cash, highlights the problems in pension legislation, according to a pension specialist.

Aries Pension and Insurance Systems (Aries) has found in some circumstances, a UK resident can take one sum of tax free cash before they transfer into a QROPS and again after moving their pension back to the UK. Gary Chamberlin, director of Aries said: "We are not suggesting there will be a sudden yoyo effect, with lots of scheme members scrambling back to our shores after indulging themselves with a year or two of southern weather - but it does highlight the fact loopholes continue to plague pensions legislation, despite the best efforts of the authorities to plug them. " The loophol...

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