Londonuck

Funny enough that was our local cinema behind them in Greystones

Mitzyboy

Wonderful!
I got the boxed set for Christmas ...... one of my favourite progs

Londonuck

Still waiting to catch, My Mayo Mammy one. It was in the final series. Only ever saw it once back in 98.

Im_and_Er

Are you prepared to answer my question about who the QROPS provider is, no logical reason not to is there ?

kerrygreen

What difference does it make?

The facts are I retired at 48 and until 6 months ago my 2 smallish UK occupational pensions weren't on my radar. I got the transfer values which would have provided an annuity big enough to feed a small family of mice.

Now I have got a nice wedge which I can actually do something with.

I'm more than happy and if, in the future, the HMRC bogeyman comes calling, I shall let you know and you can tell me 'I told you so' and feel happily vindicated.

Until then, I shall enjoy my time.

BTW this is a direct quote from the company who arranged the qrops for me:


Rest assured New Zealand QROPS fall with HM Revenue and Customs QROPS rules as the New Zealand government actuary has confirmed to providers that HMRC has written to him accepting kiwi saver and superannuation schemes meet all QROPS compliance.

Im_and_Er

It's also a direct quote from http://www.qrops.net/qrops-new-zealand

Wouldn't be Windsor Pensions by any chance, strange coincidence that the name Anne Whittaker & co appears in this link if not.

http://www.closeprotectionworld.co.u...s-schemes.html

kerrygreen

No, not heard of them. The firm I used are based in NZ

chc4me

Kerry's knowledge in the QROPS area appears to very advanced for a person who has transferred two small schemes - Kerry sounds more like an adviser!

I am an adviser in NZ and wish to make the following points:
- Many schemes in NZ are aware of HMRCs stance on 100% withdrawals and wish to abibe by the spirit of the rules.
- Some schemes that previously allowed 100% redemptions have altered their internal policies and no longer allow this.
- Unfortunately, there are some schemes which have a poor understanding of QROPS rules and will allow withdrawals even BEFORE the 5 year reporting period is completed.
- The NZ Actuary has been making noises that he is NOT happy with withdrawals from NZ schemes (including NZ QROPS) before retirement age.
- Many NZ advisers are poorly qualified for QROPS advice and it would not be suprising to see a mis-selling scandle in the future. They are out to make a quick buck and often have all the facts wrong.

kerrygreen

Before proceeding with my transfers I did an awful lot of investigating into the viability and security of qrops. If I sound like an adviser I take that as a compliment to my understanding of a complicated issue.

To be fair all the information is out there, it's just about separating the wheat from the chaff.

I think the main problem regarding 100% encashment is that some people are telling their advisers that they have been resident outside the UK for 5+ years when they haven't - it is these people who are leaving themselves open to the 55% tax charge.

I obviously read the scares put about regarding getting caught for the 55% tax penalty and took that into account when making my decision to go ahead and take the full amount from my 2 pensions.

I am still unaware of ANYONE actually being penalised by HMRC and since qrops have been available now for nearly 5 years, that must say something for their stance.

If HMRC are serious about stopping people getting their hands on their own money (shock! horror!), they have had plenty of time to do so.

The one thing I have never quite understood is why the 5-year rule exists at all, if it is this which is fuelling the 100% encashment

Anyway, as far as I am concerned it is all water under the bridge.

Im_and_Er

My final post on the the topic.

The fact that you are unaware of anybody being hit for 55% tax cannot possibly be taken to mean that it has not happened because it has. The Beazley scheme in Singapore for starters.

HMRC's interest is twofold:

The money which contributed to the pension was free of tax on the basis that it would be taxed on withdrawal plus, believe it or not, they have they have your interests in mind as they don't want you taking the money and frittering it away and ending up with nowt, hence the QROPS requirement that 70% is preserved to provide a pension.

You may well get away with it, I hope you do, but at the same time it is folly to not acknowledge the indisputable fact that the QROPS rules have been broken and therefore there is a chance that HMRC will come knocking.

Stay lucky

PS: Happened upon these links which both explain KG's insistence that he is in the clear but also detail the real risk he is exposed to.

QROPS - New Zealand in focus
http://www.international-adviser.com...aland-in-focus


HMRC Gets Tough On QROPS Abuse
http://www.escapefromamerica.com/200...n-qrops-abuse

kerrygreen

Strange case Beazley - but the outcome is that HMRC is NOT pursuing the members for a 55% tax penalty.(google IFA online for the report)

The problem was the qrops company in Hong Kong apparently was accepted originally by HMRC and then 18 months later decided to rescind their acceptance of Beazley.

This was nothing to do with them dishing out 100% cash but HMRC deciding they didn't, after all, meet qrops criteria.

chelseafan.2011

Hi Kerry

Am a new member and very interested in your thread, trying to do the same, as I can't PM you and need advice now, could you send me your email address so that I can ask your advice. email [email protected]

thanks
John

Mitzyboy

If I were you I'd be asking Im and Er as well ...... for a balanced view

chelseafan.2011

Any correct /up to date and helpful advice from anyone regarding this would be greatly appreciated, could always do with a balanced view. await replies to chelseafan.2011 thanks

kerrygreen

Sent you an email but it was returned unsent - sure that is the correct address?

Can't agree more about the advice. Get as much information as you can - it's all out there on the net.

If you read the posts on this thread you will get a feel for the so-called pros and cons of qrops.

I can only comment on my personal experience of going thru the process - which was no hassle, no problems and a nice fat cheque at the end of it. Cost me approx. 8% of my pension fund in fees.