UK officials look at pension schemes
Australian financial planners giving advice on the handling of United Kingdom pensions have been made aware of media reports out of London suggesting a team within the British tax office looking into concerns around the so-called Qualifying Recognised Overseas Pension Scheme (QROPS), including activities in Australia and New Zealand.
The reports suggest a team within the UK’s Revenue and Customs service have been tasked with looking into concerns that some abuses may have occurred.
The reports pointed to the deregistration in 2008 of Singapore-based QROPS arrangements following allegations of abuse.
The QROPS was introduced by the UK Government in 2006 and allow for offshore funds to receive money from registered UK pension funds.
The UK Revenue and Customs Service has thus far declined to formally confirm the existence of a specific investigation.
AUTHOR
Mike Taylor
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