Thomas Parkhill
-
RE: QROPS and former-QROPS - accessing pension
Thanks for the message. The guidance you highlight is guidance for fund managers - not for individuals. As the fund had QROPS status removed 8 years ago, it is inevitable that there is no-one in the organisation who knows anything about QROPS (or indeed, will put time into finding out about it). But my main problem is, what do I do to comply with UK tax regulation, not what the fund does. Any ideas? -
QROPS and former-QROPS - accessing pension
I’m a UK (and now Italian) citizen. I have been tax-resident in Italy since 2008 – in other words all my tax is paid here in Italy. In the period 1999-2007 I paid into a UK private pension scheme, and I received UK tax relief on this. In 2016, I transferred this UK pension to a QROPS-registered Italian scheme. Shortly after the transfer, I was told that the Italian scheme had lost its QROPS registration. The HMRC confirmed to the Italian pension scheme that I would not have to pay tax (“The decision has been made to treat the scheme as non-compliant with effect from 16 January 2017. Accordingly, we will treat transfers made before that date as recognised transfers and so free of UK tax charges on the transferring members”). I am now approaching my 70th birthday, and I would like to access this pension fund. Is there anything I have to do to ensure UK tax compliance in accessing these funds? Does the former QROPS scheme have to do anything?