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.
Stewart Davies, group chief executive of Momentum Pensions, says:
“We are extremely concerned about the surprise announcement which is, in all but name, a tax on geographically mobile people who are assiduously planning for their future and providing for their retirement.
“The fact it will come into play so quickly is concerning as this will leave many advisers unprepared and uncertain about what to advise – which is as far from the ideal as you can get in a pensions sector which should be encouraging transparency and clarity in processes.
“We are crunching the numbers as we speak and will be in touch with our adviser partners shortly to help them make sense of this development.”
