QROPS Pension Rules

UK pension rules changes expected on April 6, 2011, will affect QROPS pension schemes.
The Treasury has released some more information and guidance on how these rules will work for expats and overseas workers with QROPS pensions,
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The three changes are:
Anti-avoidance rules affecting non-UK tax residents taking flexible draw down for UK registered pensions mean individuals will have to pay tax if they return to the UK within five tax years of withdrawing the benefit
A similar rule for QROPS investors who draw down pension benefits and then return to the UK within five tax years.The measure is aimed at UK residents who evade tax by leaving the country for a short while to claim QROPS benefits and then return.
Anyone who has spent four out of the previous seven tax years resident in the UK, then leaves the country and draws benefits to a QROPS and then returns within five tax years will be caught by the tax rule.
The benefit is likely to incur a 90% tax charge regardless of any double taxation agreement in force with the country where the QROPS investor was resident.
QROPS benefits and rules have not changed - but UK pension rules have and one - scrapping the requirement to buy an annuity - makes onshore pensions a little more competitive with QROPS schemes.
Despite the rule changes in the UK, QROPS remain extremely competitive retirement saving packages for expats, international investors and overseas workers with UK pension rights.
None of the QROPS advantages for these pension savers are diluted.