Concept Group Limited
Innovators in Pension Trusts, Trustees and Corporate Administrators
13th April 2012
HMRC have now published a revised QROPS list although it is still not clear whether a scheme which remains or is excluded from the list are compliant with the new regulations. HMRC state “Absence of a scheme name from the list should not be seen as a statement of scheme status”. They also state that “HMRC may remove a scheme from this list in certain circumstances whilst it carries out a review”. The revised list and introductory notes can be accessed at http://www.hmrc.gov.uk/pensionschemes/qrops.pdf
The Guernsey Association of Pension Providers yesterday released a Press Notice following the release of the HMRC QROPS approval list. The Press Notice can be accessed here:
http://www.gapp.gg/index.php?page=2&moreinfo+26
Concept submitted variations to the trust deed for this scheme on the 26th March 2012 in order to comply with the changes in HMRC legislation released on the 21st March 2012. Due to this submission we can find no reason for the above mentioned schemes removal from the revised QROPS list and we have therefore requested that HMRC provide clarification for this action as we believe that our QROP Schemes are fully compliant with UK legislation as currently drafted. The Aurora Schemes like all Guernsey QROPS open to non-residents are currently not on the list and therefore UK registered pension schemes will be unable to complete transfers to our Schemes unless the transfer was agreed to be transferred before 6 April 2012.
Concept Group fully expects to have a compliant, listed QROPS solution going forward whether in Guernsey or another jurisdiction and further updates will be issued as information becomes available.
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Brochure & Applications
15:50 7th March 2012
Income Tax Amending legislation providing a new pension regime for Guernsey passes its first reading in the States of Guernsey's House of Deliberation. The second and final reading by the Legislative Review Committee is expected within three weeks, thus enabling Guernsey QROP schemes to meet the draft regulations on QROPS issued on 6th December 2011 and in particular the proposed new Condition 4. If HMRC overseas pension scheme regulations come into being as drafted on the 6th April 2012 it is expected that Guernsey QROP schemes, like Aurora, will vary their deeds to adopt the new regime, providing a seamless move for members whilst meeting HMRC requirements.
27th January 2012 - Proposals for new Guernsey Pension Scheme released today
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24th January 2012 - Latest QROPS News
Key Guernsey QROPS providers are considering legal action against Brooklands Pensions following erroneous comments made in an article published today in Money Marketing and contained in a “circular” sent to introducers.
GAPP has since confirmed that Guernsey is NOT considering a deregistration of its existing QROPS schemes.
Even if they were, HMRC have already confirmed that Members of existing Guernsey schemes would not be disadvantaged and therefore no parallel can be drawn with previously “deregistered” schemes such as Panthera and Beazley.
Roger Berry, Chairman of the GAPP QROPS sub-committee commented:
“We are unsure where Brooklands are sourcing their information but it clearly not from the approved industry body in Guernsey, as it is incorrect.
To attempt to discredit a jurisdiction from an ill-informed perspective is clearly dangerous, as it only serves to confuse the market place.
A working party consisting of key Guernsey QROPS providers, local Income Tax Office representatives, and legislators, has worked hard over the Christmas and New Year period to provide a constructive response to the HMRC consultation on its proposals, and to ensure on-going compliance with the QROPS regime post 6th April 2012.”
5 January 2012
Update from Concept Group Limited regarding HMRC’s proposals for Overseas Transfers of Pension Savings
6 December 2011
Her Majesty’s Revenue & Customs (HMRC) has introduced draft forms and notes of completion in respect of Overseas Transfers of Pension Savings. There is a consultation period in respect of the proposals that expires on 31 January 2012. There is no comment in the proposals regarding the retrospective application of the legislation. The proposals as currently drafted will affect the provision of QROPS plans from Guernsey as a third party jurisdiction from 6 April 2012.
Existing members of Aurora QROPS plans – click here
Prospects and IFA's of the Concept Group wishing to submit new QROPS applications– click here
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