Ten industry views on the Qrops hammer blow
By Mark Battersby, 10 Mar 17
As the week comes to an end in which the Spring Budget slapped a surprise 25% overseas pension transfer charge in particular circumstances, here are the views on what it means from a cross section of the industry.
Kate Smith, head of pensions at Aegon says:
“A common pension scam is to encourage people to transfer their pension funds overseas even though they have no intention of living abroad.
“Other people do this to deliberately avoid paying UK tax. The new 25% tax charge should help stamp out these practices giving people greater protection from pension scams.
“This tax charge won’t apply if people are genuinely moving overseas and want to take their pension with them.”
