Thursday, 15 March 2012

QROPS in 2012 - Finalised

.Qualifying Recognised Overseas Pension Schemes will change on 6th April 2012

Further Update
Readers may also benefit from reading New Generation QROPS 2012

Update - UK Budget 2012

The final ‘Guidance Notes’ have been published but almost as quickly, they were withdrawn. However, the 16-page, largely technical document makes a number of issues very clear. Please email me for more individual information.

  • Malta comes out very favourably, largely as an EU member
  • Gibraltar could equally benefit but needs to get its ‘act together’ to really benefit
  • The market leader. Guernsey, has already successfully made internal changes which appear to give it the ‘green light’
  • The Isle of Man will need to change its domestic pension plans if it wishes to meet the new requirements. IOM is strangely staying quiet suggesting there is a problem
  • There is now a question mark over some  New Zealand schemes will satisfy all of the requirements of the new regime of QROPS plans for 'Kiwisaver' plans. This is technical and VERY DEFINITELY needs help from a pensions specialist. Check your advisers qualifications not what the advert says.  email me for a recommendation

Financial Pages in Spain will be regularly updated as the details become more widely known, especially if new jurisdictions appear. In fact, the response of each of the jurisdiction will be important and will be reported here.

This is a good time to follow as even more details emerge. If you have an individual question please email me.

We shall shortly enter an era of NEW GENERATION QROPS stay in touch with Financial Pages in Spain

More posts to consider;

Getting Professional Advice (Now vital for QROPS advice)

Explaining Pensions Terms and Expressions

David Goodall
Financial Pages in Spain