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Overseas Pensions Update

Overseas Pensions Update

Old Jan 12th 2015, 10:41 pm
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Default Overseas Pensions Update

Just before Christmas HMRC announced that following the changes to flexible drawdown in UK based schemes, QROPS international pensions will be allowed the same flexibility. This will come into effect from April this year. However with an international pension it will also need the chosen jurisdiction to change local legislation to allow the same flexibility. Malta (a popular jurisdiction for Spanish residents because of the dual tax treaty) has just announced that it will allow the same flexibility on QROPS pensions registered there. Good news for people wanting to access more of their pension pots from age 55. More jurisdictions expected to follow suit.
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