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
In this new video from EisnerAmper, one of the nation's leading providers of employee benefit plan audits, Denise Finney provides easy to implement tips on how the plan administrator, the plan auditor and the third party administrator (the "Employee Benefit Plan Team") can work together to obtain plan audit information it needs to remain on schedule to issue plan financial statements and meet the Form 5500 filing deadline.
To view the Multimedia News Release, go to http://www.multivu.com/players/English/7461932-eisneramper-employee-benefits/
The Federal Emergency Management Agency (FEMA) announced today the winners of the 2017 FEMA Individual and Community Preparedness Awards, recognizing the lifesaving efforts of individuals and organizations from across the country who are working to prepare for emergencies. Each year, FEMA honors individuals and organizations who excel at inspiring the public to be ready if a tornado, hurricane, wildfire, or other disaster were to strike their community.
“We are a stronger, more resilient nation when we work together—in communities large and small—to prepare for and respond to disasters,” said FEMA Acting Deputy Administrator Daniel Kaniewski. “FEMA is proud to recognize the great efforts of individuals and organizations who are helping to create a national culture of preparedness.”
To view the multimedia release go to:
https://www.multivu.com/players/English/8025654-fema-2017-icp-award-winners/
As part of National Teen Driver Safety Week, the National Highway Traffic Safety Administration and the Ad Council announced today their first national public service campaign designed to prevent underage drinking and driving. Following the success of iconic campaigns including “Friends Don’t Let Friends Drive Drunk” and “Buzzed Driving is Drunk Driving,” the new public service ads (PSAs) were unveiled this morning by Mark Rosekind, Administrator for the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA), at the National Organizations for Youth Safety (NOYS) Teen Safe Driving Summit in Washington, DC.
“One teenage death from drinking and driving is too many,” said NHTSA Administrator Mark Rosekind. “Our goal with this campaign is to raise awareness among teenagers that drinking and driving is one of the worst mistakes they can ever make, with deadly consequences that can’t be undone.”
Motor vehicle crashes are the leading cause of death among teens in America, and almost half of teens killed in crashes are the drivers themselves. Despite a minimum legal drinking age of 21 in all 50 states, almost one-quarter of young drivers involved in fatal traffic crashes had alcohol in their systems according to data from NHTSA.
To view the multimedia release go to:
http://www.multivu.com/players/English/7662551-ad-council-ultimate-party-foul/
All natural disasters, including the recent hurricanes, are a reminder how swiftly emergencies and disasters can happen. To address the fact that less than 50 percent of households have developed an emergency plan and discussed it with their families, FEMA and the Ad Council are working to inform and encourage all Americans to plan ahead for disasters. FEMA and the Ad Council are announcing the release of new public service announcements (PSAs) as part of the Ready Campaign to conclude National Preparedness Month. The PSAs, “Disasters Don’t Plan Ahead. You Can.” encourage families to take time to talk about their emergency plans – what to do, where to go for an evacuation or shelter-in-place, and how to get in contact in the event that you are separated in a disaster or emergency.
“Preparedness is a shared responsibility. It’s important to be aware of your local hazards,” said FEMA Acting Deputy Administrator for Protection and National Preparedness Katie Fox. “The first step to preparing for a disaster doesn’t cost anything – talk to your family and make a plan for evacuation, shelter and communication. Discuss what you will need. You can also take training or a CPR course to help yourself and others.”
To view the multimedia release go to:
https://www.multivu.com/players/English/8170051-ad-council-fema-ready-gov-national-preparedness-month-disaster-plan/
