The chief executive of the independent financial advisory group said he would welcome it if rules governing QROPS were brought in line with the reforms to UK-based pensions announced by George Osborne in the Budget.
“The fact that HM Revenue and Customs (HMRC) and the Department for Work and Pensions are considering this shows yet again that QROPS are now entirely part of mainstream retirement planning options,” he said.
With an annual rise in the popularity of QROPS since they were officially recognised by HMRC in 2006, Green said QROPS have become a more established pensions option with expats, and with those who are thinking of moving abroad.
New flexibilities could pose a problem
Despite expecting HMRC to go ahead with the plans, the deVere founder warns that the new flexibilities could pose a problem because they give customers the freedom to access their pension pot early.
“The concept of accessing a pension early flies in the face of the overriding principle of pensions – to provide a secure income throughout retirement.”
Green also advised people to avoid making ill-informed decisions that could jeopardise their retirement plans and create hefty tax charges.
