QROPS - Qualifying Recognised Overseas Pension Schemes were introduced in 2006 as part of a major overhaul of Britain\'s pension framework, aimed at simplifying pension transfers to another country. New legislation was passed by the UK tax authority, HM Revenue and Customs (HMRC), in order to comply with an EU directive that pensions be free to move across Europe\'s borders. This ruling means that individuals, wishing to retire to countries such as France, Spain and Portugal can effectively take their UK pension funds with them: http://www.axis-finance.com/what-are-qrops.php
Who can apply for a QROPS?
A QROPS is specifically designed to allow anyone, not intending to retire in the UK, to transfer existing and frozen UK pension plans into a more appropriate retirement vehicle.
Individuals who are, or have been members of a UK registered pension fund and are currently living outside of the UK, or intending to leave the UK on a permanent basis, can consider transferring their retirement fund into a QROPS: http://www.axis-finance.com/qrops-living-in-France
Transfers to QROPS
The UK Government allows transfers to QROPS to be made free of UK tax. Their aim is to simplify the affairs of individuals leaving the UK on a permanent basis and to encourage them to continue saving in order to provide an income when they retire. There is no official limit to the amount of funds that may be transferred to a QROPS: http://www.axis-finance.com/qrops-France-pension-transfers
QROPS - HMRC Rules
What makes a scheme a QROPS?
In order to transfer your UK pension into a QROPS, it is necessary for the overseas pension scheme to be accepted by HMRC. The criteria outlined by HMRC for an overseas scheme to qualify as a QROPS include:
- The pension scheme must be established outside of the UK
- It must be recognised for tax purposes in the country where it is located
- It must be regulated in the country in which it is established
Age that benefits can be taken from a QROPS
The QROPS regime mirrors that of a regulated pension scheme in the UK. Benefits, including lump sum payments, from the transferred funds may not be distributed earlier than the normal retirement age of 55, if an individual has been a non-UK resident for less than five complete tax years: http://www.axis-finance.com/qrops-living-in-France-HMRC-Rules
QROPS Reporting requirements
HMRC should be notified if a payment is made within the first five tax years of a member becoming non-UK tax resident. Any benefits paid before five complete tax years of non-UK residency and not in accordance with UK Pension rules will be deemed an unauthorised payment.
The scheme manager does not have to notify HMRC if the payment is made 10 or more years after the day of the transfer that created the QROPS fund for the \'relevant member\', provided that the person is non UK resident for the duration of this period. This 10 year \'bracket\' for reporting payments took effect as of 6 April 2012.
QROPS List
When transferring your UK pension to a scheme overseas, it is important to check that the scheme meets the conditions to be a qualifying recognised overseas pension scheme (QROPS). Not all transfers to overseas or offshore schemes are QROPS transfers; it is therefore essential to verify that the scheme receiving your UK benefits is on the QROPS list published by HMRC, otherwise a transfer will be treated as a transfer to a non-qualifying overseas scheme and substantial penalties may be applied by HMRC at the time of transfer: http://www.axis-finance.com/qrops-list-living-in-France
How do I know if it is a legitimate QROPS scheme?
QROPS approved plans that agree to have their details published are listed on the HMRC website. A UK Pension administrator will confirm a QROPS listing before agreeing to a transfer. If not listed, the administrator will contact HMRC
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More than 500,000 Americans lost their lives in World War I and World War II defending democracy on soil and water far from the United States. The sacrifice of these men and women will be honored this Memorial Day weekend by the American Battle Monuments Commission (ABMC) with ceremonies at America’s military cemeteries overseas, where more than 200,000 of these individuals are buried and memorialized.
To view the Multimedia News Release, go to: http://www.multivu.com/mnr/7062152-abmc-honors-americans-buried-overseas-wwi-wwii-memorial-day-2014
HSBC Bank International has today announced the launch of its new interactive Expat Explorer tool, an online resource providing users with unprecedented access to data and insights from HSBC’s Expat Explorer Survey, the world’s largest study of expats.
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In an effort to promote science, technology, engineering and mathematics (STEM) education, the U.S. Army announced today that it has named the 2010 eCYBERMISSION national first-place teams. Managed by the U.S. Army Research, Development and Engineering Command (RDECOM) at Aberdeen Proving Ground, Md., the eCYBERMISSION program awarded more than $1 million to students from across the nation and in Department of Defense Education Activity schools overseas.
To view Multimedia News Release, go to http://multivu.prnewswire.com/mnr/ecybermission/44116/
Students, families and staff from Manor View Elementary located in Fort Meade, along with Target® (NYSE:TGT), The Heart of America Foundation® and Sabrina Soto, HGTV Designer and Target Home Style Expert, will celebrate the unveiling of the school’s newly renovated library and Teachers’ Resource Room. The transformation is part of the Target School Library Makeovers program and includes 2,000 new books, new design elements, technology upgrades – including 50 audio books donated by Playaway – and customized wall art. In addition, each student and his or her sibling/s will receive seven new books to take home and add to their at-home collection. In honor of Veterans Day, a celebration will be shared on Nov. 11 with the military families from the post, as well as deployed military parents overseas via live video chat.
To view Multimedia News Release, go to http://multivu.prnewswire.com/mnr/target/46875/
From 14-17 September, Furniture China 2011 (www.furnitureinchina.com/expo) will take place at Shanghai New International Expo Centre and will showcase a gathering of world furniture industry experts. The exhibition will host 2,000 exhibitors, both domestic and overseas, which when compared with last year is a 10% and 15% increase respectively. Approximately 80,000 professionals from home and abroad are estimated to visit this great ‘annual party’ for the world’s furniture industry.
To view Multimedia News Release, go to http://multivu.prnewswire.com/mnr/sinoexpo/50705/
As wars end, the hardship continues. Servicemen are still stationed overseas, families remain left behind and veterans return to an economy stuck in the doldrums. The Veterans of Foreign Wars Foundation’s Return the Favor campaign supports programs and services that work to ease the burden on America’s active-duty military, veterans and their families.
One key part of the campaign is the Unmet Needs Program. The program assists with basic life needs such as rent, mortgage, utilities, vehicle repair, medical expenses or food/basic assistance. It has helped over 3,000 military families and funds are available to all five branches of the military, as well as members of the National Guard and Reserves. Since 2004, the Unmet Needs Program has provided more than $4 million dollars in financial assistance to deserving military families.
To view Multimedia News Release, go to http://www.multivu.com/mnr/53538-vfw-foundation-return-the-favor-campaign-on-national-tv-series-giving-back
