New QROPS Rule Changes – What’s the score?

So Her Majesty’s Revenue and Customs (HMRC), have opted to implement new QROPS rule changes after 6 years of running.

The key for me seems to be the need for providers to report withdrawals for 10 years from the date of transfer albeit the 5 year non-residency rules still seems to apply – this is all a little hard to fathom as to what they are looking to achieve – is the 5 year rule the KING rule [i.e. the idea of unauthorised payments disappears after 5 years] and the reporting is simply that, reporting?!

Also if you are based in New Zealand it appears that we now have to run an income for life approach for our clients wishing to access a Qualifying Recognized Overseas Pension Schemes (QROPS) albeit it does not have to be in the form of an annuity – THAT will be interesting!

New QROPS Rule Changes could be for the best!

Change is always a tad difficult initially but I am pleased to see that HMRC have avoided wholesale tinkering and that there are still real benefits to looking to use QROPS if you have opted to leave the UK for ever – and my own personal view is that if someone has opted to leave the UK for a new life then the UK simply needs to LET GO!

QROPS rule changes are on the cards. Lets stay one step ahead!

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For more information on all of the new QROPS rule changes call GC QROPS on +34 698 243 745 or Contact Us Today.


GC QROPS has been successfully assisting UK expats in Spain with UK pension transfers for 9 years since 2006.

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