QROPS Notification April 18th 2012
Wednesday 18 April 2012
The recent suspension of over 300 QROPS schemes based in Guernsey has caused a shock throughout the offshore pension industry. Whilst there is comfort in knowing that existing schemes and transfers in place are secure, any transfers with an effective date of transfer of 6 April 2012 or later would not presently be able to be transferred to a Guernsey based QROPS. Discussions are still taking place between Guernsey and HMRC and Carey Group are seeking to put in place a new QROPS plan in an alternative jurisdiction in order to continue to help UK expatriates who wish to benefit from the many advantages of a QROPS.
Some prospective QROPS members may be concerned that other “third party” jurisdictions (countries that provide schemes for non-residents) may be similarly impacted in the days or weeks ahead.
Carey Group, whilst having suspended its Guernsey based QROPS schemes to new transfers, does offer a wider range of pension options.
For example, if there is a concern about the on-going viability of a “third party” QROPS jurisdiction, and where the member likes the investment flexibility that could have been available within a QROPS, a Carey Group SIPP may be a way forward.
Whilst still subject to the UK tax regulations, a SIPP can provide a “safe haven” for a Pension plan and allow more investment flexibility than many traditional pensions. The added bonus of having a Carey Group SIPP through the Carey connect plan, would mean that if members circumstances change, and regulations permit, then a transfer to another Carey Group pension product would be effected free of charge.
For further details on the Carey Group pension options please contact Christine Hallett (UK based SIPPS, SSAS) or Tim Bush (QROPS.QNUPS, International Plans).
T: +44 (0)1481 737203
T: +44(0)1908 336011
Posted by: CG Marketing