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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.
Former Brooklands Pensions chief operating officer Mark Sanderson is to spearhead the development of Praemium’s retirement business in the Middle East and other key expat markets.
The UK’s Financial Conduct Authority (FCA) and Department for Work and Pensions are to impose a 1% early exit charge cap on existing personal pensions and occupational schemes from 31 March next year.
Advisers in the UK are set to be inundated with work planning for long term care needs of savers, a new survey by Just Retirement Partnership suggests.
The UK’s pension triple-lock will “worsen the economy”, is “heavily skewed” towards baby boomers, and should be scrapped, according to the Commons Work and Pensions Committee.
International pensions provider Sovereign Group has removed 'ad hoc' transactional fees from all its new and existing recognised overseas pensions scheme (Rops) products.
The UK’s Chartered Insurance Institute (CII) has launched a new pension transfers qualification to support those seeking to provide specialist advice, both domestically and internationally.
The UK’s Pensions Regulator (TPR) has launched enforcement actions against Philip Green, the former owner of the collapsed British department store BHS, and other previous owners, aimed at seeking redress for 20,000 pension scheme members.
The volatility of the pound has seen a significant uptick in people seeking advice on moving British pensions abroad, which could see hundreds of millions of pounds driven overseas, says deVere Group chief executive Nigel Green.
STM Group Australia’s managing director Stuart Denness is looking to re-energise and reinvigorate the country’s recognised overseas pension scheme (Rops) market following two years of uncertainty.
Nearly £7.6bn ($9.2bn, €8.5bn) has been paid out of UK pensions since reforms came into effect in April last year, according to the latest figures published by HM Revenue & Customs (HMRC).
The director of the newly-rebranded bdhSterling has revealed that the advisory firm has seen a dramatic increase in the number of clients looking transfer their pension into a recognised overseas pension schemes (Rops).
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