Government shuts QROPS public sector transfer loophole

20th August 2015

The Author: Craig Gardner
Craig works in the Madrid office as a Financial Planner and is responsible for helping clients make better financial decisions.

A loophole allowQROPS-def+grfcing the transfer of public sector pensions into certain Qualifying Recognised Overseas Pension Schemes (QROPS) has been closed by the UK Government.

As pointed out by the Teacher’s Pension earlier this month, the banning of public sector pension transfers into QROPS in April did not extend to QROPS schemes which are not occupational pension schemes and which have their main administration in a state in the European Economic Area.

However, Statutory Instrument 2015 No. 1614 released by the Government today closed the loophole…Read More

From an article published in International Adviser on 18-08-2015 by Daniel Flynn – senior reporter.

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