HMRC Overseas Pension List Re-released

[Andrew from Vista Financial 674]

HMRC has re-released the Recognised Overseas Pension Scheme (ROPS) list released following the temporary suspension it put in place on 14 April.

This follows the March UK budget where vast changes to the QROPS system were made and so required Scheme Managers of QROPS to essentially reconfirm in writing to HMRC that they remain QROPS by the 13 April.

 

The new list is here: https://www.gov.uk/government/publications/list-of-qualifying-recognised-overseas-pension-schemes-qrops/list-of-recognised-overseas-pension-schemes-notifications#australia

The sole Australian Retail Scheme has again appeared on the new list which as a reminder is exclusive to members age 55 and over.

 

Regards

 

Andy

Edited April 19, 2017 by Andrew from Vista Financial

[yasir457 10]

Hi Andy,

Do you if  'BT Superfund' is still on ROPS list ? I can't see their name in the link you have given.

 

Kind regards

 

Yasir

[Andrew from Vista Financial 674]

Hello Yasir

No they are not and have not been since 1 July 2015 (although officially ceased being a QROPS on 6 April 2015).

Regards

Andy 

[Brit Girl 18]

Hi Andrew or anyone else on here do u have any recommendations for a Uk based Tax accountant.Am asking for a friend.

Cheers 

Brit Girl

[Ken 1,815]

2 hours ago, Brit Girl said:

Hi Andrew or anyone else on here do u have any recommendations for a Uk based Tax accountant.Am asking for a friend.

Cheers 

Brit Girl

Rosie Chalmers - Rosie.c@chalmersandpartners.com

[xmascreek 17]

Which is the 'retail' version - most of these seem to be self administered Supers

[Gbye grey sky 6,388]

9 minutes ago, xmascreek said:

Which is the 'retail' version - most of these seem to be self administered Supers

Tidswell Master Superannuation Plan.

[KurtH 2]

QROPS is nonsense. I went through the list and most of them are self managed supers. I have a small amount of money in a UK pension (actually split over 2 accounts) and have had to leave it sitting there. Then, when you get it over to Australia, it's stuck here forever because of the Australian rules. It's total nonsense. they have enough rules agreed between the Au and Uk governments about how to tax us on money in both countries but when it comes to the counterpart of that - helping us with pensions, it's a quagmire.

[xmascreek 17]

I agree - I think I may just take the 25% when I leave (tax free) and take it to Australia - buy a house with it and negatively gear etc. It seems that Australia isn't well structured to encourage anything but SPEND as a tax saving. At least the UK does reward savers with simpler tax free savings routes that are accessible to 'ordinary folks'. The 'super' only route for tax sheltering is an issue. Oh well - more cash injected into the Australian property bubble. What could possibly go wrong ?

[MARYROSE02 2,312]

I do not think this affects me. I have a pension from the Post Office (Royal Mail) and it pays every month direct to OZ bank account. I declare the income on my OZ and UK tax returns. I suppose I will be getting a pittance in a couple of years from my UK government state pension?

[Melshel 0]

Hi Mary, 

This is what happens, so I've been told, with the gmpf  (greater Manchester pension fund) though would probably lose a lot in the exchange with fees ect also unless I leave it till I'm 67yrs, I stand to lose up o 50% of it! I'm 52 now & have been talking about going back to Oz for the last 10yrs & my sin is now 10 so need to crack on with it though the cost of property & cost of living in Melbourne scares me to death ? might have to rent forever as my house here, though paid off, wouldn't go anywhere in Melbourne!! Any reolies, advice welcome