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
http://www.danmilstein.com Daniel Milstein’s harrowing story about how his mother, father and brother escaped the oppressive government of the U.S.S.R and immigrated to Ann Arbor, Michigan has been described as the quintessential Jewish immigrant story of the era. Born in Kiev, Ukraine, Dan and his family experienced undue hardship, religious persecution and life-and-death situations all in the shadows of the greatest nuclear accident that ever occurred; the Chernobyl nuclear meltdown which killed more than 100,000 people including his grandfather. Non-fiction / BiographyRead Dan Milstein’s new book detailing his story: 17 Cents and a Dream: My Incredible Journey from the U.S.S.R. to Living the American Dream. Mark Victor Hansen, Bestselling Author of ‘Chicken Soup for the Soul’ who wrote the foreword says this: “Through pure determination, fortitude and attitude, Daniel pulled out of impossibly difficult situations. His story is true, his story is a personal inspiration to me and I hope it will inspire you too to maximize your potential and go for the greatest of dreams.”Available on Amazon
Media Contact: For a review copy of I Will Never Forget or to schedule an interview with Elaine Pereira, please contact Scott Lorenz, President of Westwind Communications Book Marketing, 734-667-2090 or http://www.book-marketing-expert.com
A Settlement has been reached in a lawsuit with the manufacturer of the weed-killer Imprelis®. The lawsuit claims that Imprelis® killed and damaged trees and other non-target vegetation.
Imprelis® was used by lawn care professionals on residential and commercial properties, as well as by golf courses, between August 31, 2010 and August 21, 2011. It was used in every state, except California and New York.
This Settlement will provide benefits to consumers and businesses with tree damage caused by Imprelis®.
To view Multimedia News Release, go to http://www.multivu.com/players/English/60753-imprelis-tree-damage-settlement
New research has revealed that the use of Antimicrobial Copper surfaces in hospital rooms can reduce the number of healthcare-acquired infections (HAIs) by 58% as compared to patients treated in Intensive Care Units with non-copper touch surfaces. In the United States, 1 out of every 20 hospital patients develops an HAI, resulting in an estimated 100,000 deaths per year. Although numerous strategies have been developed to decrease these infections, Antimicrobial Copper is the only strategy that works continuously, has been scientifically proven to be effective and doesn’t depend on human behavior, according to a recently published study in the SHEA Journal of Infection Control and Hospital Epidemiology.
To view Multimedia News Release, go to http://www.multivu.com/mnr/61120-antimicrobial-copper-surfaces-reduce-healthcare-acquired-infections
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Bang & Olufsen, the global provider of high-end custom made audio and video products, today announces the launch of a cutting-edge, surround sound speaker system that presents an entirely new category of speakers to the Bang & Olufsen product portfolio. The BeoLab 14 surround speaker system will revolutionize the marketplace as it is a conveniently packaged, all-inclusive solution that delivers compact aesthetics, exceptional sound quality and a high-end surround sound performance. BeoLab 14 is available in a 4.1 or a 5.1 digital surround sound set up, with up to six individual active speakers, each with its own amplifier, resulting in an unprecedented level of sound quality despite the speakers’ compact shape. BeoLab 14 can also be used with all other television brands, so it is non- exclusive to just Bang & Olufsen televisions.
To view Multimedia News Release, go to http://www.multivu.com/mnr/61695-bang-and-olufsen-new-all-inclusive-surround-sound-speaker-system-beolab-14
When a five-year-old Ola was sent to live with her parents, she was plunged into a world of violence. Beaten almost daily, and protecting her younger brother and sister, Ola endured sadistic abuse that left her bloody and scarred while somehow trying to find the strength to survive. This is her story. Learn more about this book and author http://lydiataiwo.com Tragic Life Stories – Non-Fiction
Golfers are encouraged to hit the links Labor Day Weekend (Aug. 30 – Sept. 2), as facilities across the country host Patriot Golf Day events for the seventh year. Facilities will collect donations and raise awareness for Folds of Honor, a non-profit organization which provides educational scholarships for the children and spouses of military service men and women killed or disabled while serving our country.
To view Multimedia News Release, go to http://www.multivu.com/mnr/62587-folds-of-honor-patriot-golf-day-military-children-spouse-scholarships
When your childhood has been devastated by your parent’s sadistic abuse, how can you ever forgive them? In A Broken Childhood: Forgiveness Ola’s harrowing story of child abuse continues when she’s sent home to Nigeria. However when Ola escapes, she finds that the hardest battle is still ahead of her. Learn more at http://lydiataiwo.com Non-fiction / Child-abuse
Barclaycard, the payments business of Barclays in the United States, today unveiled an innovative travel reward feature that enables cardmembers and non-cardmembers alike to earn miles by simply participating in the new Barclaycard Travel Community (BarclaycardTravel.com). The new program will reward registered community members with Participation Miles for creating a travel profile, sharing their travel stories, and receiving kudos from other registered community members. And now, for the first-time, non-cardmembers are eligible to earn miles they can redeem for Amazon.com e-certificates each time they accumulate 2,500 miles.
To view Multimedia News Release, go to http://www.multivu.com/mnr/64221-barclaycard-travel-community-members-earn-miles-for-participation
Consumers perceive annuities more positively than financial professionals give them credit for, according to The Future of Retirement Income, a new study released by Genworth.
The study, a culmination of in-depth interviews, focus groups and quantitative surveys with financial professionals, annuity owners and non annuity owners, revealed that 68 percent of non annuity owners have a neutral to positive impression of annuities. For annuity owners, it’s even higher: 91 percent neutral to positive. In addition, the majority of annuity owners are satisfied with access to their account, fees and asset growth.
To view Multimedia News Release, go to http://www.multivu.com/mnr/54358-genworth-financial-pros-underestimate-appeal-of-annuities-among-consumers
