What requirements must be met from A-Day in respect of overseas transfers given that the current requirements will become obsolete?
A. A transfer to an overseas scheme will be a “recognised transfer”, and therefore not give rise to an unauthorised payments charge, if the scheme is a QROPS. The requirements to be met for a scheme to be a QROPS are provided for in section 169 of the Finance Act 2004 and in Statutory Instruments 2006/206 and 2006/208. There is guidance on those requirements in Chapter 14 of the Registered Pension Schemes Manual (RPSM) which can be found on the HMRC Website. Q. Once a scheme is accepted as a QROPS will that be held centrally for UK providers to look and check that for example the New Zealand scheme has QROPS status – i.e. will it be held on an HMRC Website? A. APSS will have a QROPS database. This will not be put on the HMRC Website, but UK scheme administrators and members considering a transfer to an overseas scheme will be able to write to APSS to check whether or not the scheme is on the QROPS database. Q. Can you confirm the implications when a QROPS ceases to have QROPS status bu
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