QROPS - Qualifying Recognised Overseas Pension Schemes were introduced in 2006 as part of a major overhaul of Britain\'s pension framework, aimed at simplifying pension transfers to another country. New legislation was passed by the UK tax authority, HM Revenue and Customs (HMRC), in order to comply with an EU directive that pensions be free to move across Europe\'s borders. This ruling means that individuals, wishing to retire to countries such as France, Spain and Portugal can effectively take their UK pension funds with them: http://www.axis-finance.com/what-are-qrops.php
Who can apply for a QROPS?
A QROPS is specifically designed to allow anyone, not intending to retire in the UK, to transfer existing and frozen UK pension plans into a more appropriate retirement vehicle.
Individuals who are, or have been members of a UK registered pension fund and are currently living outside of the UK, or intending to leave the UK on a permanent basis, can consider transferring their retirement fund into a QROPS: http://www.axis-finance.com/qrops-living-in-France
Transfers to QROPS
The UK Government allows transfers to QROPS to be made free of UK tax. Their aim is to simplify the affairs of individuals leaving the UK on a permanent basis and to encourage them to continue saving in order to provide an income when they retire. There is no official limit to the amount of funds that may be transferred to a QROPS: http://www.axis-finance.com/qrops-France-pension-transfers
QROPS - HMRC Rules
What makes a scheme a QROPS?
In order to transfer your UK pension into a QROPS, it is necessary for the overseas pension scheme to be accepted by HMRC. The criteria outlined by HMRC for an overseas scheme to qualify as a QROPS include:
- The pension scheme must be established outside of the UK
- It must be recognised for tax purposes in the country where it is located
- It must be regulated in the country in which it is established
Age that benefits can be taken from a QROPS
The QROPS regime mirrors that of a regulated pension scheme in the UK. Benefits, including lump sum payments, from the transferred funds may not be distributed earlier than the normal retirement age of 55, if an individual has been a non-UK resident for less than five complete tax years: http://www.axis-finance.com/qrops-living-in-France-HMRC-Rules
QROPS Reporting requirements
HMRC should be notified if a payment is made within the first five tax years of a member becoming non-UK tax resident. Any benefits paid before five complete tax years of non-UK residency and not in accordance with UK Pension rules will be deemed an unauthorised payment.
The scheme manager does not have to notify HMRC if the payment is made 10 or more years after the day of the transfer that created the QROPS fund for the \'relevant member\', provided that the person is non UK resident for the duration of this period. This 10 year \'bracket\' for reporting payments took effect as of 6 April 2012.
QROPS List
When transferring your UK pension to a scheme overseas, it is important to check that the scheme meets the conditions to be a qualifying recognised overseas pension scheme (QROPS). Not all transfers to overseas or offshore schemes are QROPS transfers; it is therefore essential to verify that the scheme receiving your UK benefits is on the QROPS list published by HMRC, otherwise a transfer will be treated as a transfer to a non-qualifying overseas scheme and substantial penalties may be applied by HMRC at the time of transfer: http://www.axis-finance.com/qrops-list-living-in-France
How do I know if it is a legitimate QROPS scheme?
QROPS approved plans that agree to have their details published are listed on the HMRC website. A UK Pension administrator will confirm a QROPS listing before agreeing to a transfer. If not listed, the administrator will contact HMRC
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JetBlue (Nasdaq: JBLU) and Barclaycard today announced the launch of the new suite of JetBlue MasterCard credit cards, the latest complement to JetBlue’s TrueBlue loyalty program. The new JetBlue® Card features a limited-time 10,000 bonus points offer and an easy-to-earn travel rewards program. Cardmembers can earn accelerated TrueBlue points in new ways for everyday spending at restaurants and grocery stores. With the new card, cardmembers can earn award flights even faster.
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This season, the House of Givenchy, under the initiative of Artistic Director Riccardo Tisci, is bringing an exceptional collection to New York, as the city represents the capital of the American dream for the designer and for the founder Hubert de Givenchy, who were both supported from the very beginning by the American market.
On September 11th 2015, New York hosted a performance show dedicated to love and sharing. With a décor of recycled materials installed on the banks of the Hudson in Tribeca, there was an unprecedented audience in attendance: professionals from the fashion world rubbed shoulders with celebrities, fashion-school students, winners of a competition organized in partnership with the city, and local residents from the neighbourhood.
The website givenchy.com and giant screens installed across the city, from Soho to Times Square, also broadcast the show live, while advertising buses made their way across the Bronx, Harlem, and Queens inviting a wide a number as possible to follow the event.
With Marina Abramović, a friend of the House and co-author of numerous artistic projects, Riccardo Tisci created a performance which reached beyond the scope of fashion. Designed to be an emotional experience focusing on universal themes (love, peace, freedom, humility, spirituality), it notably put the spotlight on four artists who performed spiritual and cultural chants from across the world. True to form, Marina Abramović also invited seven artists to host live performances on the show's location.
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There is no better time for families to travel Europe than in 2015. Rail Europe, Inc., the largest distributor of European rail products in North America, is excited to announce that families traveling with many of the European rail passes will have access to free rail travel for children. This offering is now available on the Eurail Pass product line, in addition to the Swiss Travel Pass, German Rail Pass and BritRail Pass, thus further extending the options for affordable family travel this year.
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Persistent deterioration of short-term memory, progressive confusion and disorientation and frequent agitation are characteristic of Alzheimer’s disease. We have been told that it is largely genetic but that there are some things that can be done to reduce the severity or how early the onset is. We can’t change our genetic makeup but we can change our behavior to help mitigate the effects of this type of dementia. These are all things we can accomplish with a little determination and planning. http://youtu.be/9eMrmVMuAa0
There’s no better place to be on the morning of Thursday, Dec. 4 than Kennedy Space Center Visitor Complex, where guests can witness firsthand Exploration Flight Test-1 (EFT-1), the test flight of the uncrewed Orion spacecraft. Guests can experience a complete pre-launch-to-post-splashdown program, including launch viewing, Orion-related activities, exhibits, astronaut appearances and live coverage and commentary.
“The Orion launch will be visible from many areas across the Space Coast, but there’s only one place to feel the rumble, experience the excitement and get up to date, minute-to-minute information from NASA TV, astronauts and space experts – and that’s at Kennedy Space Center Visitor Complex,” said Therrin Protze, chief operating officer of the Visitor Complex. “This is your chance to be part of history and tell your kids and grandkids you were here when we achieved our first steps toward Mars.”
To view the Multimedia News Release, go to http://www.multivu.com/players/English/7385151-kennedy-space-center-visitor-complex-orion-spacecraft-december-4/
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