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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”.
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.
Jersey-headquartered JTC has launched a recognised overseas pension scheme (Rops) aimed at supporting UK expatriates globally through its operation in Malta.
Isle of Man-based pension provider Optimus has launched a new offshore retirement fund aimed at wealthy South Africans.
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.
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.
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.
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.
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).
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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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