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
The latest World Gold Council Gold Demand Trends report, which covers the period April-June 2013, highlights how recent falls in the gold price have generated significant increases in demand, most notably from consumers in China and India – by far the biggest markets for gold – compared with the same time last year.
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Ten percent of executives interviewed for the Robert Half Professional Employment Report (http://www.roberthalf.us/per) said they plan to increase the number of full-time employees in professional occupations in the first quarter of 2011, while 5 percent anticipate declines. The resulting net 5 percent¹ increase in expected hiring activity is down one point from the fourth-quarter 2010 forecast.
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Employers expect to increase hiring for professional-level positions in the first quarter, but they have concerns about finding qualified candidates for these roles, a new Robert Half survey shows. A net 10 percent of executives interviewed for the Robert Half Professional Employment Report plan to add full-time staff in the first three months of the year, up three points from the fourth-quarter forecast. However, the number of respondents who report recruiting challenges also is on the rise: 67 percent of executives said it is at least somewhat challenging to find skilled employees today, up from 59 percent last quarter and 42 percent in the third quarter.
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VolAero Drones is working with famed outdoorsman Bill Booth to demonstrate that drones equipped with the latest thermal imaging equipment can effectively spot and track pythons at night – the prime hunting time. Over 100,000 Burmese pythons infesting the Florida Everglades have decimated 90 percent of small wildlife while surviving all attempts at eradication.
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In an effort to encourage children to spend more time outdoors and reconnect with nature, the USDA Forest Service and the Ad Council today announced that they are joining Universal Pictures to launch a series of public service advertisements (PSAs) featuring characters and footage from Universal and Illumination Entertainment’s upcoming 3D-CG feature Dr Seuss’ The Lorax.
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What began as an outing to celebrate his graduation from college at the age of 21, turned into a full time position and hobby for Ben Lowe. 591 jumps later he still feels the exhilaration of the jump, the 120 mile per hour wind against his face and the near minute of free-fall. But the risk taking doesn’t stop there for Ben, he also loves to BASE jump. Cliffs, bridges, mountain tops . . . you name it, he’ll jump from it. Visit Ben on MOLI.com
“One of my earliest boxing memories is sitting on the ring apron at the Repton Boxing Club watching my older brothers train. Sitting there, ringside with my Dad, I couldn't wait for it to be my turn. By the time I was old enough to start training I already knew how to hold my hands in the correct position and throw a number of combinations (my brothers had shown me how and I practiced at every opportunity!). I remember my first fight. I was 11 years old. Sitting in the dressing room, there were about 15 other young boxers getting ready too. Everyone was asking each other, who are you fighting, who are you fighting. There was this one big guy sitting in the corner wrapping his hands. Someone asked him, Hey, who are you fighting, Someone called A. Lee he said with a shrug. That's when I knew I was in for a rough night! As I stood in the corridor before my ring entrance, my stomach was in knots, to say I was nervous would've been an understatement! Walking to the ring, I looked across at my family, the whole clan had turned out to support me. I remember thinking to myself, I don't care how big this guy is I’m not losing this fight! Anyway, to cut a long story short, I won the fight and many more after that.” Visit Andy on MOLI.com
Courtesy of www.andyleeboxing.com
