New QROPS Forms Required for Financial Advisers 2013
HMRC has published new versions of QROPS (Qualifying Recognised Overseas Pensions Schemes) forms which need to be completed along with any other QROPS paperwork.
Click the links below to download the forms
The forms have been amended due to new Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2013 (SI1742/13).
The new regulations for recognised transfers apply to transfer requests made by the member from 12 August 2013.
A covering letter can be used up to October 12th, after which these latest forms MUST be used.
New QROPS Newsletter and HMRC Guidance
HMRC has provided new guidance on QROPS transfers and guides for QROPS trustees which can be found here.
A new online QROPS service will also launch in December 2013 for QROPS scheme managers who will get their own unique ID’s to register online. This is good news for the industry.
Increase Your Lifetime Allowance to 1.5m GBP before 5th April 2014
For those with large pensions, you will need to apply for increased fixed protection, which you can now do online.
The Lifetime Allowance (LTA) is the maximum amount of tax relieved pension that an individual can build up over their life. The standard lifetime allowance will reduce from £1.5 million (for tax year 2013 -2014) to £1.25 million from tax year 2014 – 2015 onwards.
However, individuals can choose to protect their LTA from 6 April 2014 at the 2013 – 2014 level of £1.5 million by applying for fixed protection 2014 (FP2014). An online tool to help individuals decide whether they should apply for Fixed Protection 2014 (FP2014) and/or Individual Protection 2014 can be found here.