The QROPS changes that pension funds need to meet to be (and to remain) a QROPS has resulted in some dramatic changes to the QROPS list. For example, the number of listed approved QROPS in Guernsey has dropped from 300 to 3 in the space of a month! Before you transfer any QROPS monies to a fund, check whether it is on the new list. This can be found at www.hmrc.gov.uk/pensionschemes/qrops.pdf. Past transfers to then-qualified QROPS will be acceptable.
The HRMC intent is to stop transfers made primarily for tax reasons. They appear to have removed all schemes that are not offered to residents only. The list will be updated twice a month and any incorrectly removed schemes will be added back. Pension schemes only have 30 days to inform HMRC if they no longer meet the conditions to be a QROPS.
I think it’s probably time we prepared a new summary of the QROPS requirements in the post 6th April, 2012 environment. If you would like a copy, please drop Brian a line at firstname.lastname@example.org.
The NetActuary Team