Guaranteed retirement income products may not be worth it

Guaranteed retirement income products may not...

Retirement income products with guarantees, offered by many life companies in the UK as an alternative to the old fashioned annuity, do not offer value for money in most cases, according to a study by Milliman, an international consultancy group.

Published : 11, Jan 2017
Providers cautious about abolishing Rops ‘advice safeguard’

Providers cautious about abolishing Rops ‘advice...

Providers of recognised overseas pension schemes (Rops) have voiced concerns over the UK’s plan to scrap the advice safeguard for expats, with some arguing that the move may create a “consumer protection gap”.

Published : 20, Dec 2016
Providers voice concerns on limits to UK pension transfers

Providers voice concerns on limits to UK pension...

The UK government’s plans to tighten rules on transferring money out of pensions to tackle widespread fraud, has been described as “anti-consumer” by Rops provider Momentum Pensions, which warns the move will unfairly restrict transfers to overseas pensions.

Published : 15, Dec 2016
JTC adds Rop scheme to Malta service range

JTC adds Rop scheme to Malta service range

Jersey-headquartered JTC has launched a recognised overseas pension scheme (Rops) aimed at supporting UK expatriates globally through its operation in Malta.

Published : 14, Dec 2016
Optimus launches offshore pension fund for South Africans

Optimus launches offshore pension fund for South...

Isle of Man-based pension provider Optimus has launched a new offshore retirement fund aimed at wealthy South Africans.

Published : 14, Dec 2016
Gibraltar must 'act fast' to meet Rops reforms

Gibraltar must 'act fast' to meet Rops reforms...

Overseas pensions offered from Gibraltar are most at risk of losing their 'recognised' status when the UK brings in a new rule requiring such products to be regulated in the country where they are established.

Published : 13, Dec 2016
Six things the UK gov’t can do to deter pension scammers

Six things the UK gov’t can do to deter pension...

The UK Government’s proposed ban on pensions cold-calling will deter scammers but must be just the start of a concerted effort to drive fraudsters out of the market, says AJ Bell.

Published : 9, Dec 2016
Improve access to financial advice and annuities, says OECD

Improve access to financial advice and annuities,...

The OECD, a Paris-based economic body, has called on the UK government to ensure people have access to financial advice following the introduction of the pension freedoms.

Published : 8, Dec 2016
Regulating Rops will ‘level playing field’, say providers

Regulating Rops will ‘level playing field’, say...

The UK’s plans to change the way overseas pension schemes are taxed and regulated have been welcomed by some providers, who say the changes will level the playing field between Rops and UK pensions and increase consumer protection.

Published : 7, Dec 2016
Transfers into overseas pensions fall by a third, says HMRC

Transfers into overseas pensions fall by a third,...

The number of British citizens transferring their UK pensions into recognised overseas pension schemes (Rops) has dropped by more than a third since the pension freedoms were introduced in April 2015, according to HM Revenue & Customs (HMRC).

Published : 6, Dec 2016
Overseas pensions to be struck off if not locally regulated

Overseas pensions to be struck off if not locally...

The UK is to require overseas pensions to be regulated in the country where they are established in order to be 'recognised' by HM Revenue & Customs (HMRC), as it pushes ahead with plans to scrap the 70% ‘income for life’ rule.

Published : 6, Dec 2016
Dodgy Sipps claims to drive up FSCS levy on UK advisers

Dodgy Sipps claims to drive up FSCS levy on UK...

The UK’s Financial Services Compensation Scheme (FSCS) has warned it may impose an interim levy on life and pension advisers over the increasing number of claims related to self-invested personal pension schemes (Sipps).

Published : 1, Dec 2016
HMRC's planned overhaul will ‘decimate’ Rops market, says IFA

HMRC's planned overhaul will ‘decimate’ Rops market,...

The UK’s plan to abolish the 70% ‘income for life’ rule on recognised overseas pension schemes (Rops) will “decimate” the market for such products, according to the head of expat-focused IFA firm, Montfort International.

Published : 29, Nov 2016
Malta the ‘big winner’ of UK’s extensive Rops reforms

Malta the ‘big winner’ of UK’s extensive Rops...

Malta will be the "main winner" of HM Revenue & Customs' plan to change the 'eligibility criteria' for foreign pensions to qualify as recognised overseas pensions schemes (Rops), according to the director of European IFA firm Blevins Franks.

Published : 28, Nov 2016
Muted response to FCA plans on shopping around for annuities

Muted response to FCA plans on shopping around...

Proposals from the UK’s Financial Conduct Authority (FCA) that would require annuity providers to tell customers what they could gain by shopping around and switching have been met with muted enthusiasm.

Published : 25, Nov 2016
UK scraps 70% ‘income for life’ rule for overseas pensions

UK scraps 70% ‘income for life’ rule for overseas...

The UK government has announced it will abolish a rule requiring recognised overseas pensions schemes (Rops) to earmark 70% of funds to provide members with an income for life, as further details emerge on HM Revenue & Custom’s overhaul of foreign pensions unveiled in this week’s Autumn Statement.

Published : 25, Nov 2016
Industry divided on planned UK overhaul of overseas pensions

Industry divided on planned UK overhaul of overseas...

The UK government’s plans to change the way overseas pension schemes are approved and taxed have been met with a mixed response from the financial services industry, with some advisers welcoming the move while others believe it will make foreign pensions increasingly complex and unattractive.

Published : 24, Nov 2016
UK announces sweeping reforms to Rops

UK announces sweeping reforms to Rops

The UK government has announced a major overhaul to the way recognised overseas pension schemes (Rops) are taxed, bringing the products in line with UK pensions.

Published : 23, Nov 2016
UK savers over-50 reveal 'bonkers' use of pension freedoms

UK savers over-50 reveal 'bonkers' use of pension...

Almost a quarter of over-50s in the UK plan to cash in their pension even after withdrawing their 25% tax-free lump sum, accord to a survey by Retirement Advantage.

Published : 18, Nov 2016
HMRC removes Canadian Rops from overseas pension list

HMRC removes Canadian Rops from overseas pension...

HM Revenue & Customs has scrapped nearly a hundred Canadian recognised overseas pension schemes (Rops) from its pre-approved list, in line with a similar move suspending Australian transfers last year.

Published : 15, Nov 2016

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