QROPS
Jul 2nd 2015, 12:41 am
#1
Keeping Busy
Thread Starter
Joined: Feb 2004
Location: East of Eden?
Posts: 1,215
QROPS
In the process of bringing over an NHS frozen pension and completed all documentation before the 'New Rules'.
We were told that all was in order in Feb, April, May & June and that we wouldn't be affected by the new UK regulations.
Before July 1st there were 5000 qualifying Super Funds in Australia.
Now there is only one and the word is that that one is taking a big risk as the UK regulations are in conflict with Australian Law.
We shall be asking HMRC to honour the law as it applied to us in February without us suffering a 55% 'tax deduction' and will report further when their response is to hand.
There seems to be a Global drive for the rich to get richer and the poor, and people at the most vulnerable time of their lives, to get poorer.... or is it just me?
We were told that all was in order in Feb, April, May & June and that we wouldn't be affected by the new UK regulations.
Before July 1st there were 5000 qualifying Super Funds in Australia.
Now there is only one and the word is that that one is taking a big risk as the UK regulations are in conflict with Australian Law.
We shall be asking HMRC to honour the law as it applied to us in February without us suffering a 55% 'tax deduction' and will report further when their response is to hand.
There seems to be a Global drive for the rich to get richer and the poor, and people at the most vulnerable time of their lives, to get poorer.... or is it just me?
Jul 2nd 2015, 1:23 am
#2
BE Enthusiast
Joined: Feb 2014
Posts: 592
Re: QROPS
If you submitted your completed Transfer forms to NHS by 5 th April 2015 - they would allow a transfer normally.
However NHS held off in physically processing the transfers from the 6 th April 2015 pending outcomes with the HMRC List. NHS will now more than likely now not transfer to OZ unless your fund is the only fund remaining on the List.
It is unknown whether the last remaining fund on the list is still compliant and it may be an error - I am checking this out with them and HMRC currently.
As to what will happen if the Australian Govt fixes the issue in the short term is unknown. NHS may or may not then allow the transfers to continue. It simply will depend on how long it takes i suspect.
However NHS held off in physically processing the transfers from the 6 th April 2015 pending outcomes with the HMRC List. NHS will now more than likely now not transfer to OZ unless your fund is the only fund remaining on the List.
It is unknown whether the last remaining fund on the list is still compliant and it may be an error - I am checking this out with them and HMRC currently.
As to what will happen if the Australian Govt fixes the issue in the short term is unknown. NHS may or may not then allow the transfers to continue. It simply will depend on how long it takes i suspect.
