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HM Revenue & Customs has at last broken its silence on its unexpected decision last month to remove all but three Guernsey QROPS from its list of registered schemes, which was published on 12 April and which has seen Guernseys previously booming QROPS industry brought to a jolting halt.
Individuals should take greater personal responsibility for their own finances, according to Nigel Green, chief executive of international intermediary firm deVere Group.
The chairman of the Guernsey Association of Pension Providers has confirmed the body may consider making a formal complaint against HM Revenue & Customs in response to its decision to de-list more than 300 of the jurisdiction's QROP Schemes.
BW Oakfield Group, an Isle of Man pensions and QROPS provider, has acquired an IoM rival, Momentum Pensions, and a controlling interest in Momentums Maltese operation.
Rex Cowley, principal of New Dawn Consultancy & Research is predicting a new playing field for QROPS providers as he publishes the first definitive study on this evolving area of the international pensions market.
The Isle of Mans pension association has said close cooperation between its public and private sectors and a wait-and-see approach has meant the island has emerged almost unscathed from recent changes to HM Revenue & Customs QROPS list.
Platform One, a relatively new UK-based investment platform aimed at advisers with high net worth clients, has agreed a deal with TMF Group whereby its clients may access TMFs Melita QROP scheme, administered out of Malta.
Guernsey Finance has reacted angrily to the decision by HM Revenue & Customs to de-list nearly all of the islands QROPS last week, calling it an unjust attack on the jurisdiction.
TMF International Pensions has appointed international employee benefit expert Grant Armstrong, as it prepares to launch a new range of offshore pension products.
The Isle of Man government has expressed disappointment that its 50c pension schemes can no longer be QROPs.
An association representing Guernseys pension providers this evening issued a statement saying it was extremely disappointed at the way an HMRC review of QROPS providers had caused the number of the islands qualifying recognised overseas pension schemes to drop to three from 312, with the publication of its latest list, and called for clarification as a matter of urgency.
HM Revenue & Customs has published an updated list of registered QROPS, which confirms the de-listing of the majority of Guernsey schemes.
Jerseys plans to make it possible to transfer the UK pensions of non-Jersey residents to the island have been placed on hold, pending discussions with HM Revenue & Customs.
News that HM Revenue & Customs is taking a harder line with third country UK pension transfers to Guernsey has been met with surprise by many in the QROPS industry but possibly not as much as might be expected.
The association representing Guernsey's pension providers has expressed concern over a surprise revelation that HM Revenue & Customs will only permit Guernsey pension schemes which cater for Guernsey residents to appear on its revised list of QROPS providers.
HMRC has informed Guernsey officials that going forward, Guernsey pension providers will only be permitted to accept transfers of the UK pensions of Guernsey residents, a Guernsey government statement has revealed.
Jersey authorities today finally lodged legislation that is designed to pave the way for the UK pensions of non-Jersey residents to be transferred there.
HM Revenue & Customs yesterday published a 21-page QROPS guidance paper that bore an uncanny resemblance to a 19-page document that, briefly, appeared on the Revenues website earlier this month.
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