The Chancellor has dealt the mortal blow to the already wounded QROPS Industry


  • Date: 08/03/2017

Following the Spring Budget announcement earlier today:

"The Chancellor has dealt the mortal blow to the already wounded QROPS industry. By introducing a 25% exit charge on QROPS transfers with immediate effect he has in a one fell swoop removed any advantage of transferring funds abroad for most pension holders. The exception to the charge will be for those taking their pensions to their new country of residence and those where the pension and their residence are both within the EEA. This will put the QROPS rules where the Government always intended they should be, as a method for temporary UK workers to take their UK pensions home with them. Not a tax avoidance vehicle for UK residents."

Simon Nicol
Pensions Principal 

Opinions, interpretations and conclusions expressed in this document represent our judgement as of this date and are subject to change. Furthermore, the content is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or a solicitation to buy or sell any securities or to adopt any investment strategy.

Thomas Miller Investment is the trading name of the businesses in the Thomas Miller Investment Group. This note has been issued by Thomas Miller Wealth Management Limited which is authorised and regulated by the Financial Conduct Authority (Financial Services Register Number 594155) and is a company registered in England, number 08284862