Hurlabrick

IIRC that is pretty much how Australian schemes got back on the ROPS list. Suits me fine - now if only BMO will add a RRIF

ann m

This is all very interesting but I don't see any real information on whether there is an impact for those that brought funds over years ago...if your fund was on the Qrops list when you brought your pension over, you did that in good faith. And weren't there rules in place at that time that said if any monies were withdrawn within x years (5 initially, then changed to 10) of the transfer, then the Qrops would have to inform HMRC and there could be a tax?

I have no intention of accessing funds before 55 but my pot has had healthy growth and I shouldn't get hammered on some rule that changed after the fact. Some clarity around this from the financial journalists and HMRC would be useful 😉

Hurlabrick

I think the point some people are making is that you cannot GUARANTEE that HMRC will not try to retrospectively remove authorisation for a particular scheme. Yes, they have done so in the past, but it is not a regular occurrence.

HMRC are frantic to stop anyone from accessing funds prior to when they can now access them in the UK (age 55). Any access before this age will incur a large UK tax charge, which your Canadian QROPS scheme pre-agreed to notify HMRC of if and when you took any withdrawals.

You want clarity (i.e. guarantees) from HMRC?? Good luck with that - no one can or will provide such 'clarity'. I personally don't see it as much of a 'risk' at all as regards historically approved schemes and historic transfers, but that is my personal opinion.

Yes, it is a farce - welcome to government departments - tax departments in particular! Is it fair on you or others in the same boat - no!