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UK Budget puts a stop to Pension Scams introducing 25% tax on QROPS Transfers

QROPS continue to be a hobbyhorse for the UK government largely in a bid to fend off offshore pension scams. The UK Budget announced on 9th March 2017 made further changes impacting upon transfers of UK tax relieved pension funds to QROPS. Information on these changes and how they may impact you is outlined below. What was announced: All UK pension transfers to offshore QROPS schemes will be subject to a 25% tax unless certain limited conditions are met including the [...]

2017-04-04T02:28:50+00:00March 9th, 2017|FinSec Post, UK Pension Transfers|

Autumn Statement closes pension tax relief loophole for over-55s

Once you've touched your pension savings - the amount of new money you can save is now just £4,000. CREDIT: GARETH FULLER The amount you can save into a pension - once you have already taken some money out - has been slashed by the Government in a bid to clamp down on those seeking "double tax relief". The move will hit hundreds of thousands of  people, aged 55 and over, who have used the new "pension freedoms" available since April [...]

2016-12-14T00:49:30+00:00November 23rd, 2016|FinSec Post, UK Pension Transfers|

HMRC Tax Relief Decision on UK Pension Transfers

For UK Pension Transfers (into Australian Superannuation Schemes with QROPS status as at 5 April 2015) made between 6 April 2015 to 30 June 2015 (inclusive), HMRC has now confirmed such transfers WILL NOT be subject to any UK tax charges in relation to the transfer.  For transfers made after 30 June 2015, no relief has been provided by HMRC in relation to any UK tax charges that may arise from the transfer. We will be in direct contact with any [...]

2016-07-13T01:09:26+00:00July 11th, 2016|FinSec Post, UK Pension Transfers|

YOUR UK PENSION COULD BE AT RISK…

THE FACTS If you have previously worked in the UK, it is likely you hold a Government, Company or Personal Pension. Radical UK reforms announced in March 2014 will prevent transfers of many of these pensions to Australia permanently. These changes take effect April 2015, leaving only a few months to take action. DOES THIS AFFECT ME? Public -sector employees with un-funded government final salary schemes will be affected by the ban. This includes; Medical professionals (nurses, doctors, dentists, specialists) Teachers [...]

2014-10-08T06:02:58+00:00October 8th, 2014|FinSec Post, UK Pension Transfers|

NO MORE public sector pension transfers from 2015

On Wednesday 19th March the Chancellor of the Exchequer – George Osborne unveiled the most radical reformation of the UK pension regime, dwarfing the A-day changes announced in 2006. Changes, likely to be effective in April 2015, will ban transfers from public sector final salary schemes and may also be extended to include private sector final salary schemes. The ban will prevent transfers to Australia from these schemes, leaving members with less than 12 months to take action. Transferring may or may [...]

2014-10-13T03:28:10+00:00March 27th, 2014|FinSec Post, UK Pension Transfers|

Reversal of fortune – the UK

Will UK sporting triumph translate to economic success?  The UK seems to be on top of the world at the moment. But has all the sporting success and celebration translated into a more prosperous outlook for the troubled economy? Set the clock back five years and the UK is a country in crisis. The world’s second largest financial centre is in the midst of its worst crisis in decades, property prices are crumbling, the sharemarket has plunged 40% in less than [...]

2014-05-01T04:30:24+00:00October 11th, 2013|FinSec Post, UK Pension Transfers|