Sammy the frog explains QROPS pension transfers for British expats so that they no longer have to pay tax upon death of 55% and avoid UK income taxes of 50%. Making light of a serious issue. This funny looking frog explains the gist of a pension transfer for British expatriates living abroad.
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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
More than half (53 percent) of family members serving as primary caregivers for loved ones have lost income due to the demands of providing care. The study, Beyond Dollars: A Way Forward, also found that caregivers whose loved ones did not have long term care insurance face additional stresses including covering the cost of daily living, medical and other support-type needs.
To view Multimedia News Release, go to http://www.multivu.com/mnr/54349-genworth-study-planning-reduces-stress-faced-by-caregivers-long-term-care
The American Dental Association (ADA) kicks off its 12th national Give Kids A Smile® program Friday, Feb. 7. Dental professionals from across the nation are mobilizing to provide free oral health services to children and adolescents from underserved families throughout this year. As of this date, approximately 350,000 are registered, with more expected to register throughout the year.
Give Kids A Smile has become the world's largest oral health charitable program and an ADA access-to-care endeavor designed to encourage parents, health professionals and policymakers to address the year-round need for oral health care for all children. Each year, thousands of the nation's dentists, dental team members and many volunteers from the community provide free oral health care services to children from low-income families across the country.
To view the Multimedia News Release, go to http://www.multivu.com/mnr/60006-american-dental-association-give-kids-a-smile-program
Last winter was one of the harshest, hitting millions of Americans with spikes in their winter utility bills. Unfortunately, here we are, one year later, facing yet another polar vortex. Meteorologists predict some of the coldest blasts of frigid temperatures over the next several days, which has energy experts worried about the impact on consumers’ utility bills, as well as on the reliability of the electric grid we all depend on.
As Polar Vortex 2015 moves across the country, consumers could face spikes in electricity bills, with seniors on fixed incomes and lower income Americans hit the hardest. According to a recent survey, high energy prices already have forced more than 40 percent of low-income seniors to go without needed medical or dental care, and even to skip meals or shut off the heat on cold days.
It may seem odd to be predicting another energy price spike since oil, natural gas and coal prices have all fallen recently. But it’s not the market that will be driving prices higher. It’s politics.
To view the Multimedia News Release, go to http://www.multivu.com/players/English/7221731-national-mining-association-americans-electricity-bill-increase-due-to-epa-regulations/
The American Coalition for Clean Coal Electricity today released a new report “Energy Cost Impacts on Families” that details the plight of American households who are significantly harmed by rising energy costs.
The study finds that on average nearly half of America’s households are bringing home $1,900 a month, less than $23,000 annually, and spending 17 percent of those hard-earned dollars on energy. Low and fixed income families, including minorities and senior citizens, are among the most vulnerable to energy price increases and frequently must make tough choices about what to do to meet energy costs.
“No one should go without food or medication to keep the lights on but that’s exactly what is taking place in millions of households across America,” said Mike Duncan, president and CEO of ACCCE. “Regulations like EPA’s calamitous Clean Power Plan will only exacerbate the economic struggles families face, making it all that much harder to keep a roof over their heads and food on the table. This administration should put Americans ahead of its politically charged agenda and immediately take action to ensure vulnerable families are not harmed further by these reckless regulations.”
To view the Multimedia News Release, go http://www.multivu.com/players/English/7552751-accce-family-energy-impact-report/
L’Oréal announced the winners of its International Awards for Social Responsibility in Dermatology, “Caring to Inspire Skin Confidence” at the 23rd World Congress of Dermatology taking place in Vancouver, Canada.
For Asia-Pacific
Dr. Jeong Chan-woo from South Korea
Sharing skin love - Skin Health Promotion for Orphanage and for low-income children/youth
This initiative was established to help children from low-income families, without parents or those living away from their parents, to receive education on how to prevent skin diseases. They also have access to high quality treatment if they are suffering from a dermatological condition.
To view the Multimedia News Release, go to http://www.multivu.com/players/English/7554651-loreal-announces-2015-awardees/
Greater Fort Lauderdale/Broward County is in the midst of unprecedented economic development, with new research revealing an influx of affluent visitors as the driving force behind new travel and hospitality-related construction and investment.
The average annual income of domestic travelers to the destination has reached $112,563 – almost 25% higher than the national average, according to a comprehensive analysis of the domestic travel market in the United States by research firm D. K. Shifflet & Associates Ltd., commissioned by the Greater Fort Lauderdale Convention & Visitors Bureau.
That is a dramatic 15.5% increase from the destination’s average in 2012 of $97,517, placing Greater Fort Lauderdale among the top leisure destinations in the U.S., and well above the national average visitor income of $90,591.
This increasing appeal to affluent travelers has led to a record-breaking 14.3 million tourists spending $11.4 billion annually in the destination, which is situated along Florida’s famed Atlantic Ocean coastline between Miami and Palm Beach.
To view the multimedia release go to:
http://www.multivu.com/players/English/7640751-greater-fort-lauderdale-development-boom/
The plan for reducing carbon emissions from existing power plants that President Obama unveiled at the climate conference in Paris will come with an overall price tag that should greatly trouble American consumers and business and will have little meaningful impact on global warming, cautioned the National Mining Association.
“The plan will replace low-cost power supplies with more expensive and less reliable sources of power. And these increases will show up in monthly utility bills and have a particularly devastating effect on low-income households. About half of all American families already pay close to 20 percent of their disposable income on energy-related expenses.” said Luke Popovich, Vice President, Communications, National Mining Association.
To view the multimedia release go to:
http://www.multivu.com/players/English/7221731-national-mining-association-americans-electricity-bill-increase-due-to-epa-regulations/
Although the NHS is ranked as one of the institutions that makes people ‘most proud to be British’1, a new poll commissioned by Astellas Pharma Europe Ltd, highlights that 91% of people feel that the health service is in need of change2. In particular, shorter waiting times (36% of respondents) and improved access to medicines (30%) rank most highly as the areas in need of greatest reform.
With only 1 in 4 of respondents agreeing that the Government currently spends enough on health, the survey reveals that those polled would be willing to accept an average charge of £10 for a missed GP appointment in order to improve service levels. The people polled also said they would be willing to pay an average of £170 per year in additional income tax for healthcare funding – which could result in approximately £5 billion in additional tax revenue for the Treasury3. In addition to these charges, 39% of those polled would be willing to accept an additional charge if it meant quicker access to healthcare services and 44% of those polled would be willing to accept additional charges if it meant access to newer and potentially more effective medicines.
To view the multimedia release go to:
http://www.multivu.com/players/uk/7753151-astellas-survey-public-support-nhs-concern/
