The first of several April 2017 changes to expat pension regulations has come into force delaying publication of the QROPS List
HM Revenue and Customs (HMRC) has put back the publication date of the list to coincide with the start of the financial year on April 6, 2017.
For subsequent months, list publication will revert to the first of each month.
On April 14, HMRC will suspend publication of the list pending a check that providers have confirmed their schemes pass the new pension age test.
Providers have until April 13 to notify HMRC that their pensions meet the new rules.
Those that fail the test will face delisting.
QROPS List publication delays
The scheduled mid-month pension list will be made public on April 18.
“The ROPS notifications list will be suspended on 14 April and a revised list will be published on 18 April. At that time please check the list to ensure you’re transferring to a scheme that appears on the revised list said an HMRC spokesman.
“The list contains pension schemes that have told HMRC that they meet the conditions to be ROPS and have asked to be included on the list.”
An updated QROPS List will then be published on the first and 15th day of each month.
If these dates fall on a weekend or UK public holiday, the list will be published on the next working day.
Sometimes the list is updated at short notice to temporarily remove schemes while reviews are carried out, for example, where fraudulent activity is suspected.
70% rule abolished
HMRC has published the QROPS list since 2006, when the pensions were introduced.
To date 158 lists have been published.
UK financial firms and QROPS providers must only transfer tax-relieved pension funds to a provider on the list. Providers on the list self-certify that they meet HMRC’s strict rules for offshore pensions.
New regulations coming into force from April 1 demand QROPS must not pay benefits to anyone aged under 55 years old.
In return, the 70% rule for QROPS outside the European Economic Association are scrapped, which effectively extends flexible access to all the expat pensions.
Until now, these providers had to ring fence 70% of the fund to pay retirement benefits.
QROPS Information and Guidance
For more information about QROPS and the benefits it provides, download the iExpats QROPS Guide or complete the Get Advice form.
