The announcement, which involved changes that are outlined towards the end of a newsletter that may be viewed here, introduced a new online service for QROP scheme administrators to use in place of paper forms, as well as new versions of the two main forms used to transfer pensions from UK pension fund administrators to the administrators of overseas QROP schemes.
According to the announcement, the newly-revamped forms APSS 262 and APSS 263 should be used from today onwards, though old forms may continue to be until 12 October, providing certain extra information, such as the date that the member left the UK and his or her birth date, is included.
Also unveiled today were plans for a new "QROPS Scheme Manager ID", a "unique number that will be allocated to each QROP scheme manager" as part of the move of QROPS filing online.
HMRC said it will be writing to all QROP scheme managers to tell them their number before the online system is up and working, which it said will be in December.
In the meantime, those completing the new forms APSS 262 and APSS 263 could leave the question referring to this number blank, HMRC said.
"We welcome this announcement from hmrc, which will help us streamline our reporting process, while the new online service will no doubt help hmrc moving forward," said John Batty, head of pensions at Momentum Pensions, the Isle of Man-based QROPS provider.
Some QROPS providers had been concerned that HMRC would introduce new restrictions on the way UK pensions may be transferred into QROP schemes. There is a widespread sense that the Revenue is not entirely happy with the way some schemes are run, or how pension transfers are marketed by some intermediaries. Few in the industry have forgotten how HMRC knocked some 310 Guernsey schemes off its list of registered QROPS in April 2012, when they were deemed not to comply with its new regulations.
