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
http://www.RenaultUSA.com The Scenic is probably the best example of why Renault has been the pioneer in the MPV (multi purpose vehicle) segment. Not only does this car offer a sense of sporty dynamism but it delivers a lot of cabin space and makes it the perfect vehicle for tall people. And of course, it offers multiple storage solutions and is perfect for those who travel with several pieces of luggage. Comparably sized vehicles in the USA are Nissan Rogue, Toyota Matrix.
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Daimler AG, Ford Motor Company and Nissan Motor Co., Ltd., have signed a unique three-way agreement to accelerate the commercialization of fuel cell electric vehicle (FCEV) technology.
The goal of the collaboration is to jointly develop a common fuel cell electric vehicle system while reducing investment costs associated with the engineering of the technology. Each company will invest equally towards the project. The strategy to maximize design commonality, leverage volume and derive efficiencies through economies of scale will help to launch the world’s first affordable, mass-market FCEVs as early as 2017.
To view Multimedia News Release, go to http://www.multivu.com/mnr/58680-renault-nissan-daimler-ford-partnership
The 2013 North American International Auto Show in Detroit is where the global automotive community converges every year in January and the future of transportation is revealed. This year over 500 vehicles will be on display from 40 manufacturers, and, including some of the most innovative designs in the world as well as never-before seen debuts.
“The 2013 Detroit auto show could be the most exciting auto show of the year,” said Jack R. Nerad, executive editorial director and executive market analyst for Kelley Blue Book. “Car fans worldwide are eager to catch a good look at the many all-new vehicle debuts in Detroit.”
To view Multimedia News Release, go to http://www.multivu.com/players/English/59635-2013-naias-detroit/
Finding yourself stranded in your car due to treacherous conditions like snow, ice, poor visibility and slick roads only to discover you have junk in the trunk, rather than the necessary roadside emergency supplies, can place you and your family in jeopardy.
According to a new survey by State Farm® and KRC Research, more than 60 percent of drivers had some sort of “junk” (non-emergency supplies) in their trunk ranging from extra clothes and shoes to used food or drink containers. While 99 percent of drivers had at least one emergency supply in their vehicle, such as spare tire or jumper cables, a mere nine percent carried all the essential emergency roadside supplies.
To view Multimedia News Release, go to http://www.multivu.com/mnr/56805-state-farm-survey-few-drivers-keep-emergency-supplies-in-vehicle
Silvercar, an Austin-based technology company, today opened its service to travelers visiting Dallas/Fort Worth International Airport (DFW). The innovative airport-based rental fleet comprises only one make and model of vehicle: the 2013 Audi A4, in silver. Mobile integration is key to the Silvercar experience, as the entire customer journey can be managed from a smartphone. This means no waiting in lines or at counters — ever — when renting with Silvercar.
To view Multimedia News Release, go to http://www.multivu.com/mnr/59940-silvercar-mobile-integrated-rental-service-dallas-fort-worth-dfw-airport
Mitsubishi Motors North America, Inc. (MMNA) showcases a pair of dynamic new product offerings at the 2012 Los Angeles Auto Show: the all-new 2014 Mitsubishi Outlander crossover and the sharp-looking Outlander Sport Limited Edition compact crossover that commemorates the 30th anniversary of Mitsubishi Motors entering the North American marketplace.
Advanced Technology, Upscale Trim Highlight All-New 2014 Mitsubishi Outlander
With its sleek new interior/exterior design direction, high-quality cabin materials, and reduced fuel consumption, the all-new 2014 Outlander is an affordably-priced crossover that is an ideal vehicle for the cost-conscience automotive consumer.
To view Multimedia News Release, go to http://multivu.prnewswire.com/mnr/mitsubishi/49385/
The 2013 model-year vehicle winners of the annual Best Resale Value Awards, recognizing current and forthcoming vehicles for their projected retained value throughout the initial five-year ownership period, were announced today by Kelley Blue Book, www.kbb.com, the leading provider of new and used car information. Since depreciation (or loss of value) is typically a car buyer’s primary expense during ownership, these awards, like all of KBB.com’s new and used vehicle information, are designed to help consumers make more informed car-buying decisions.
To view Multimedia News Release, go to http://www.multivu.com/players/English/58376-kelley-blue-book-kbb-2013-best-resale-value-awards/
Just in time for the busiest travel season of the year, State Farm has released its annual research report on distracted driving, with troubling results. Though texting while driving remains a concern on the nation’s highways, people are also webbing while driving with increasing frequency. These behaviors may pose equal or greater concerns in the effort to reduce distracted driving.
The July 2012 survey of nearly 1000 motorists shines a light on a growing safety concern: people accessing the internet while driving. Four years of data show a significant increase in the use of mobile web services while driving.
To view Multimedia News Release, go to http://www.multivu.com/mnr/56793-state-farm-fourth-annual-survey-shows-significant-use-mobile-web-vehicle
The tyre placard provides crucial information for the safety and performance of your vehicle. Look for the tyre placard on the driver’s door pillar, in the glove box or under the front bonnet. Vehicle manufacturers are required by law to provide this information. If you follow it this will prolong the life of your tyres and also prevent other related issues such as wheel alignment problems. The three key pieces of information the tyre placard provides are: tyre size for your vehicle as recommended by the manufacturer, maximum vehicle load and optimum tyre pressure. Remember that tyre pressure is best measured when tyres are cold and you need to ensure the gauge you use is accurate. If you have trouble finding the tyre placard in your car, bring it in to a Tyrepower store and one of our friendly team will assist you. You can check it here www.tyrepower.com.au
Kellogg’s newest superhero on the scene, The Crunchy Nut, saves Americans from boring breakfasts with the help of the Crunchy Truck. Go behind the scenes of the making of the superhero vehicle. Fashioned from a 1995 Chevy Utilimaster the truck features a satellite breakfast bowl equipped with the most advanced GPS technology helping The Crunchy Nut find those in danger of boring breakfasts and a 6-cylinder turbo milk jug boost to transport him to the rescue faster than reheating last night’s leftover pizza.
