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
OTC Markets Group Inc. (OTCQX: OTCM) and PR Newswire were joined by the UK’s Investor Relations Society in welcoming senior investor relations professionals to the latest instalment of their successful “No Blank Screens” series. The goal of the breakfast forum was to help educate European companies with global vision about the OTCQX® Best and OTCQB® Venture Marketplaces in the US, and to provide guidance and best practice tips on effectively engaging US investors. The event was held in the historic, Grade II listed One Moorgate Place in central London on 2nd July.
To view the Multimedia News Release, please go to http://www.multivu.com/players/English/7571051-trans-atlantic-information-flow/
Some say that when China sneezes the rest of the world catches cold, but the biggest luxury brands are catching on in China, becoming the most exclusive and desirable ones in fashion according to the wealthiest Chinese women. Still, our ranking also reveals a stronger competition that is accentuated by the wealthy customers’ increasingly stronger maturity. This barometer Promise Consulting / BNP Exane classifies the 15 most exclusive and desirable brands in China in the universe of feminine Fashion. This Barometer is conducted amongst the wealthiest Chinese women, and is about the 30 luxury brands in ready-to-wear/handbags/shoes/accessories that have invested the most in communication (source: Industry Interviews, Exane Paribas). Promise and BNP Exane already conducted the same survey amongst French women in May 2015 (http://bit.ly/1ESTZGu).
”This barometer in association with BNP Exane reflects our determination to move closer to the marketing and cross-section financial analysis. Our Monitoring Brand Assets® approach itself features very complementary analyzes with those conducted by BNP Exane’s experts. Hence, the obtained results from our joined barometer are based on two different angles of expertise, marketing and financial, which brings a unique added value to the managers and decision-makers in the Luxury sector. More concretely, our measure of the exclusivity of a brand takes into account the upper and more constant quality of products, the strong and unique valuation of the customer, the brand’s prestige, but also a matchless “savoir-faire” that justifies a very high price premium associated with top luxury. Finally, our measure of desirability synthesizes the dimensions of attractiveness of an intimate, social and symbolic nature, which are the strengths of exclusive brands, and characterize the particular relation that they maintain with their customers. In this respect, our Barometer synthesizes, in two proven scales, the numerous criteria to establish a ranking between the high-end brands from their customer’s point of view", states Pr. Philippe Jourdan, Promise’s CEO.
To view the multimedia release go to:
http://www.multivu.com/players/uk/7727851-exclusivity-desirability-luxury-brands/
Building occupants long have grappled with whom to call when their work area is too cold or how to gain access to a facility when they forget their access card at home. Honeywell (NYSE: HON) announced a new mobile software application that addresses these common frustrations.
The Honeywell Vector Occupant App combines the convenience of today’s mobile devices with connected building features to give users more control over their comfort levels and ability to securely move about the workplace. The new software is the latest example of Honeywell’s leadership in the Internet of Things around connected buildings.
To view the multimedia release go to:
http://www.multivu.com/players/English/7970851-honeywell-vector-occupant-app/
Moncler S.p.A. announces that today it has obtained approval from CONSOB for the Prospectus for the Initial Public Offering issued for the purpose of the admission of the Company’s ordinary shares to trading on the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A..
To view the Multimedia News Release, go to http://www.multivu.com/mnr/64154-Eurazeo-Moncler-IPO-clearance
Vanderbilt Mortgage and Finance, Inc., a Berkshire Hathaway company, has implemented an internal customer satisfaction scoring system aimed at measuring the overall experience of its home loan origination process.
The internal customer satisfaction score that Vanderbilt has created is a metric calculated from surveyed responses by customers within two weeks of funding their loan. The customers are asked to give a score ranging from zero to 10 on how likely they are to recommend Vanderbilt Mortgage to family and friends based on their home loan origination experience.
“We want to be transparent about the feedback we receive from our customers,” said Eric Hamilton, president of Vanderbilt Mortgage and Finance, Inc. “Continuously listening to customers’ needs in order to improve is our top priority. This scored system gives us a structured way to measure how we are doing and determine in which areas we can do better. It’s important for us to meet and exceed our customers’ expectations.”
To view the multimedia release go to:
http://www.multivu.com/players/English/7716456-vanderbilt-mortgage-customer-survey/
Sullivan & Cromwell announces the launch of a multi-part video series designed to share insights from senior S&C lawyers on trends and issues impacting global financial institutions. The interviews are conducted by Lee Pacchia, Founder and CEO of Mimesis Law. In the first segment, Mitch Eitel, Managing Partner of the S&C Financial Services Group, discusses the appearance of shareholder activism in the sector, the psychology that affects the industry and burdens on financial institutions from a range of Dodd Frank changes.
To view the multimedia release go to:
http://www.multivu.com/players/English/7542531-sullivan-cromwell/
Vanderbilt Mortgage and Finance, Inc. is becoming even more helpful to customers on their journey to finding the right financing plan with the launch of a new website.
The new site, vmfhomeloan.com, is full of useful tools and features that can help potential homebuyers understand the home buying process. The new site introduces an online credit application giving customers the freedom to submit an application online. Now customers can begin the home buying process from the comfort of their own home.
To view the Multimedia News Release, go to http://www.multivu.com/players/English/7413951-vanderbilt-new-website/
Remember that time you thought you purchased the perfect gift and found out that the recipient returned it? Let’s face it, we can all use a little gift giving inspiration when it’s time to start holiday shopping. Whether you are shopping for that special someone in your life, best friend or even coworker, finding the perfect holiday gift can be daunting.
TV Host and Consumer Trends Expert Andrew Krasny believes there has never been a better time for shoppers to spend with total power and confidence. On Tuesday, December 6th, Andrew will be available to share some of his fool-proof tips to make sure your holiday shopping is stress free.
The Astana Economic Forum is among the world’s most prestigious expert dialogue platforms. In 2015, in accordance with tradition, the event was held in the capital of Kazakhstan, Astana city, and counted more than 5,000 participants from around 100 countries. Heads of government, major international organizations, leading experts in economics and finance, and Nobel Prize winners met to discuss the most pressing issues on the global agenda.
To view the Multimedia News Release, go to http://www.multivu.com/players/uk/7567851-astana-economic-forum/
Did you know central Wisconsin is the ideal place to cultivate ginseng, an herb prized by Chinese and other Asian cultures for its health benefits? Neither did first-generation immigrant Paul Hsu. After he figured it out, he founded Hsu Ginseng Enterprises, which continually sets the standards for quality and purity as the global leader in the ginseng industry.
Meanwhile, Paul’s son, Will, grew up and went on to college. He earned his degree in finance at the University of Wisconsin’s School of Business with additional majors in Chinese language and East Asian studies. After graduation, Will accepted a position at General Mills, where he worked for more than a decade. During that time, the company sponsored his MBA at Harvard Business School.
Two seemingly divergent paths for father and son, but a question kept persisting for Will that kept those two paths from completely separating: “Are you going to take over the family business?”
To view the multimedia release go to:
http://www.multivu.com/players/English/74221515-northwestern-mutual-hsu-ginseng-enterprises/
The 2014 model-year vehicles and brands (in both non-luxury and luxury categories) with the lowest projected ownership costs were announced today by Kelley Blue Book www.kbb.com, the leading provider of new and used car information. These awards are based on Kelley Blue Book’s 5-Year Cost to Own data for new cars for the initial five-year ownership period.
While depreciation (or loss of value) and fuel costs may be the greatest expense incurred in owning a vehicle, there are other factors that can have a significant impact on a consumer’s pocketbook. Available on Kelley Blue Book’s KBB.com, 5-Year Cost to Own information takes into consideration depreciation, expected fuel costs, finance and insurance fees, maintenance and repair costs, and state fees for new models.
To view the Multimedia News Release, go to http://www.multivu.com/mnr/65344-kelley-blue-book-kbb-announces-2014-5-cost-to-own-award-winners
