Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

HMRC’S NEW PENSION TRANSFER FLEXIBILITIES SHOW MATURITY OF QROPS MARKET

Nigel Green - CEO deVere Group

The UK Government’s discussions to afford the same new rights to Qualifying Recognised Overseas Pension Schemes (QROPS) as traditional UK-based pensions are being hailed as “further evidence of the pension transfer market’s maturity.”

The comments from Nigel Green, founder and chief executive of deVere Group, which has 80,000 clients, also come with a warning.

Mr Green says: “We welcome that the Government is considering bringing the rules governing QROPS into line with the reforms to UK-based pensions that were announced by George Osborne in the Budget.

“This is unequivocal further evidence of the pension transfer market’s maturity.

Nigel Green - CEO deVere Group

Nigel Green – CEO deVere Group

“The fact that HMRC and the DWP are considering this demonstrates yet again that QROPS are now entirely part of mainstream retirement planning options.

“QROPS are continually becoming an ever-more established pension’s option with expats and those who are considering a move abroad, with an annual rise in popularity since they were officially recognised by HMRC in 2006.”

He continues: “Should HMRC decide to go ahead with the plans, as I expect it will, QROPS would become even more flexible. This combined with growing public awareness of their many benefits will ensure that the popularity of QROPS will increase further, and at a faster pace than ever before.”

However, despite the deVere Group CEO’s unswerving support of the move, he warns clients of the potential risks of taking advantage of the new flexibilities.

He comments: “The concept of accessing a pension early flies in the face of the overriding principle of pensions – to provide a secure income throughout retirement.

“Despite the new freedoms, people must remember that the funds should still be used as a pension.

“Where at all possible, it is better to resist accessing pension pots to avoid any potential risk of making ill-informed decisions that could jeopardise your retirement plans; to avoid hefty tax charges; and because while your funds are invested they are relatively tax efficient.”

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post