An update about potentially good news for members of NZ QROPS (Qualifying Recognised Overseas Pension Schemes): greater access to funds leading to the possibility of more flexible investment options.
Back in December 2016, we reported on the UK Chancellor's Finance Bill, and highlighted the potentially positive revisions which were due to be made to overseas pension transfers.
The Chancellor of the Exchequer used his Spring Budget to announce that, with effect from 9th March 2017, pension transfers by UK residents to QROPS (Qualifying Recognised Overseas Pension Schemes) not in the European Economic Area will be liable for a 25% tax penalty. Philip Hammond said that this policy was being introduced in the interests of "fairness in the tax system."
As the British government prepares to ban pensions cold calling, GBPensions takes a look at the grievous problem of financial scams, and how members of the public can protect themselves against the investment fraudsters.
UK Finance Bill, December 2016. Major changes for overseas pension transfers might be around the corner - and it could be good news!
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