The results of the UK general election in early June were a shock to many – not least Prime Minister Theresa May! The various political reasons which led to the delayed opening of Parliament may also have been indirectly responsible for the omission of any mention of pensions in the Queen's Speech. However, that doesn't mean that there's nothing to report on from the world of British and Kiwi pensions.
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!
Bringing you news and updates regarding to pensions and events supported by GBPensions