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
MGM Resorts International (NYSE: MGM) unveiled details today about the experience it is creating in Las Vegas surrounding the world-class 20,000-seat arena under development in partnership with renowned sports, entertainment and facilities organization AEG. Plans include new Stripside experiences at New York-New York and Monte Carlo resorts and a public park leading to the new state-of-the-art arena. The Company also announced details about the team who will bring this robust new experience to fruition.
To view Multimedia News Release, go to http://www.multivu.com/mnr/61204-mgm-resorts-unveils-plans-for-las-vegas-entertainment-district-arena
The new Queen is the last hope to save her dying race, immortals enslaved by the vampires. But the King of the vampires has other plans. What neither expects is the passion that erupts between them. http://www.vampire-elite.com What will he do if saving his people means destroying the woman he loves? Paranormal/vampire books
Echo Entertainment Group Chairman John O’Neill and CEO John Redmond said today that Echo’s expansion plans for The Star would see the world’s first “Connected Integrated Resort” built in Sydney.
Mr O’Neill and Mr Redmond today unveiled details of Echo’s Detailed Proposal which was formally submitted to the NSW Government through its unsolicited proposal process on Friday afternoon.
To view Multimedia News Release, go to http://www.multivu.com/mnr/62180-echo-unveils-proposal-connected-integrated-resort-at-the-star
A http://www.pennystocks.net/ video describing Causes of War in Israel and Syria: Nations go to war for one of four reasons: religion, ideology, territory, or resources.
Each of these factors is enough to cause conflict on their own, however, there are places where all four of them collide.
Consider Jerusalem. Home to three major religions, territorial disputes, and clashing ideologies.
Peace plans and cease fires are useless, because the politicians are completely out of touch.
In the end, peace can only come from the individuals on the ground.
Sadly, the probability of World War 3 in our lifetime is greater than the odds that peace will come to the Middle East, or Iraq, or Syria, or any of these other flashpoint regions. Keep an eye on these conflicts, because when any one of them heats up, so too do oil and gold prices.
Thankfully, there are far more reasons to avoid war than to engage in it. Nevertheless, WW3 will happen when all those who were affected by WW2 are gone. Until then, there will be numerous spikes in gold and oil prices, each time global tensions rise.
The list of things depends on the destination chosen for spring break 2014 and also the number of days one plans to go for vacation trip. Some common things to be taken can easily be shared if the group is a big one. Personal things however need to be taken care of individually.
SAIC, Inc. (NYSE: SAI) today held an Investor Day event in New York City in which the senior leadership team of the planned spin-off company, Science Applications International Corp. (SAIC), presented its business plans and financial objectives.
SAIC, Inc. previously announced plans to create two independent, publicly traded companies. Upon completion of the planned spin-off transaction, the technical, engineering and enterprise IT services business will retain the name SAIC and trade under (NYSE: SAIC), while the government and commercial solutions company will be named Leidos and trade under (NYSE: LDOS).
To view Multimedia News Release, go to http://www.multivu.com/mnr/63326-saic-presents-planned-company-s-business-financial-objectives-investor-day
Kings Dominion turns back the clock as the park announces plans for a celebration four decades in the making. This once in a lifetime event will include many surprises, the return of classic park icons and a chance to create new traditions and memories with your family. The celebration will begin next season to commemorate the opening of Kings Dominion and Lion Country Safari.
To view Multimedia News Release, go to http://www.multivu.com/mnr/63228-kings-dominion-celebrates-40-th-anniversary-with-classic-park-icons
Annie’s life is deliciously full as Christmas approaches. Annie is determined to finish a crib quilt for her niece before the child arrives. But God’s plans are different from Annie’s and the quilt may hold a far greater significance than she ever imagined. Find more about this book here, http://www.vannettachapman.com/ Christian Fiction, Inspirational, Christian Romance, Amish, Holiday
Land of Lincoln Health™, the first and only consumer operated and oriented health insurance plan (CO-OP) in Illinois, is offering 35 health insurance plans on the State of Illinois’ health insurance marketplace, Get Covered Illinois. Land of Lincoln Health is a non-profit health insurance company with the primary focus of improving services for its members.
To view Multimedia News Release, go to http://www.multivu.com/mnr/63573-land-of-lincoln-health-insurance-plan-co-op-get-covered-illinois
Unequal Technologies, the leading provider of customized, concealed sports protection, in a press conference with NFL MVP Kurt Warner, announced plans for a new initiative called Play It Safe that’s aimed at providing education to help make contact sports safer for amateur athletes. The announcement coincided with the ribbon cutting for Unequal’s new 65,000-square-foot headquarters facility in Glen Mills, Pa.
To view Multimedia News Release, go to http://www.multivu.com/mnr/63831-unequal-technologies-play-it-safe-initiative-kurt-warner-for-safer-sports
Results from the global Diabetes Attitudes, Wishes and Needs 2 study (DAWN2™) presented today at a symposium during the World Diabetes Congress of the International Diabetes Federation (IDF), show that only 29% of people with diabetes report that their healthcare team ask for their input when making their treatment plans. Furthermore, only 33% said they were encouraged by their healthcare professional to ask questions in the consultation.
To view Multimedia News Release, go to http://www.multivu.com/mnr/64152-novo-nordisk-diabetes-report-doctor-treatment
