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Have I been mis-sold an QROPS?

Have I been mis-sold an QROPS?

What is a QROPS? QROPS (Qualifying Recognised Overseas Pension Schemes) were introduced in 2006 primarily for people from the UK intending to retire overseas. A QROPS is an overseas pension scheme that can receive a transfer from a UK based pension arrangement and can be very attractive because of the potential tax benefits (namely the possibility of avoiding UK income tax and substituting it with a lower rate of tax, depending on the location of the QROPS). Whilst a QROPS can sound very attractive, in recent years a number of QROPS have been shut down for either failing to comply with the legislation and/or being used to exploit tax loopholes. Even if a particular scheme is listed on HMRC’s ‘list of accepted schemes’ it does not provide any guarantees that the scheme is not in breach of legislation and therefore subject to disqualification at a later date. If an individual finds themselves in breach of such legislation by making an “unauthorised transfer” (i.e. a transfer into a scheme that is in breach of legislation) the penalties and potential losses are significant: a) Unauthorised transfers are subject to be taxed at 55%. b) Transfers are often subject to large commissions. c) Loss of original benefits from the pension the funds were transferred from. If you think your Pension Transfer to a QROPS was unsuitable for you and you were mis-sold, please complete the contact form below.

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