August 2012 Review – Financial Pages in Spain

On 9^th August 2012, the blog celebrated it’s second anniversary. At the end of the calendar month, I thought I would reflect on the main issues and topics on ‘Financial Pages in Spain’ during August.

• UK Pension Schemes

• QROPS

• QNUPS

These are the issues that contributed the most feedback. I’m always pleased to receive emails either to seek further advice or to comment on my articles.

Using the statistics provided by my service contractor, I can also indicate the most popular posts in terms of the number of people who visited the pages. They were, in order;

1. QROPS – Comparing Jurisdictions

      QROPS (Qualifying Recognised Overseas Pension Schemes) are set up to allow a transfer of UK pension rights, abroad, with the full approval and authority of the UK Tax Authorities (HMRC).

      QROPS - comparing jurisdictions

      QROPS changed significantly from 6^th April 2012, when the UK Tax Authorities (HMRC) altered the rules. The major jurisdictions are now Switzerland, Malta and New Zealand. The new rules have highlighted the need for professional advice. I only recommend fully authorised advisers. Email me for an introduction.

2. QNUPS – Qualifying Non-UK Pension Schemes

QNUPS were brought about in 2010 in a UK Statutory Instrument called ‘The Inheritance Tax (Qualifying Non-UK Pension Schemes) Regulations. I think it’s important to highlight that because although QNUPS are and must be seen as Pension Schemes, they are often set up alongside Inheritance Tax (IHT) planning.

QNUPS

I was pleased, during the last month, to have my article, in full, repeated by a UK lawyer based in Spain and by a UK SIPP specialist. In order to receive the required specialist advice, please email me.

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3. UK Pension Scheme or Plan but you live in Spain

Expats with pensions often believe that they are ‘stuck with’ the rules as they understood them in the UK. This post deals with alternatives. Overseas Pensions come in many guises. For example, there are QROPS, QNUPS, International Annuities and Section 615. The first step, however, is to understand what you have got.

UK Pension Schemes

Write me an email , tell me what type of scheme you’ve got and I’ll make sure you are given the right fully authorised advice.

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Financial Pages in Spain continues to grow, as I can see from the statistics. Whilst Spain and UK dominate the views of both the Website and Blog, there have been readers from 41 other countries including New Zealand, Malta and Switzerland, which is easy to explain but also the USA and Canada!.

Any issues which arise can be answered on an individual basis if you email me. I’m happy to receive questions from anywhere but my real expertise relates to the UK and Spain.

I am happy to take suggestions from readers about future articles. Please email me with your own ideas or issues that you think need raising.

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com