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Information provided on this website is general in nature and does not constitute financial advice. Every effort has been made to ensure that the information provided is accurate. Individuals must not rely on this information to make a financial or investment decision. Before making any decision, we recommend you consult a financial adviser to take into account your particular investment objectives, financial situation and individual needs.
UK Pension Transfers: Industry Wide QROPS Issue
STOP-PRESS: On July 1 2015, HMRC re-published its ROPS (Recognised Overseas Pension Scheme) list, stripping all Australian QROPS schemes of their QROPS status (with the sole exception of the Local Government Superannuation Scheme).
HMRC made this decision in the belief that Australian funds are unable to comply with the new QROPS requirements because of their overarching obligation to comply with Australian legislative requirements.
As a result, all UK pension transfers have been placed on hold to minimise the risk of unauthorised payment penalties (up to 55%) for customers. However, we are still accepting DCFs to facilitate those wishing to join our subscriber list to access the most up-to-date information on this issue. DCF processing will resume once the QROPS issue is resolved.
This complex issue has already been raised at an industry level with the Australian Treasury. And as PTD continues to provide input to both HMRC and the Australian Treasury over the coming weeks to facilitate a positive outcome for all, we will also continue to keep you up to speed with the latest developments as they unfold.
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