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

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 

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