6 April 2015 brought the implementation of a series of UK pension reforms, which also had an impact on Qualifying Recognised Overseas Pension Schemes (QROPS). One of the jurisdictions affected was Malta. Below we will outline the QROPS Malta changes. QROPS Malta changes will no longer allow benefits to be paid from age 50. The …
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Five million pensioners can cash in their annuities from April 2016
It is expected that up to 5 million pensioners who have bought an annuity will be in a position to cash their annuities from April 2016, according to Chancellor of the Exchequer, George Osborne. Until now, pensioners locked into an annuity have only been able to exit by paying a tax charge of at least …
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QROPS and Annuities
Back in 2014, the Chancellor of the Exchequer, George Osborne’s announcement that UK pension holders will no longer be forced to a purchase an annuity with their savings upon retirement. The difference between QROPS and annuities is that Annuities have always been unpopular with pensioners, the rates of return are often minimal, and the charges …