QROPS Singapore
QROPS in Singapore were last year removed from HM Revenue & Customs list of approved overseas pension schemes for transferring UK pensions to. This is believed to be due to the fact that certain overseas pension schemes operating in Singapore were using the system purely to bypass overseas pension tax rules and taking out large lump sums after the 5 year tax reporting rule had expired.
Unfortunately it seems that some QROPS providers in Singapore fell foul of the QROPS rules and regulations set out by HMRC and consequently all providers were removed from the list set out by HMRC in the UK.
There has been much press regarding why all Singapore QROPS have been removed from the approved list and many Singapore QROPS providers are appealing against this action by arguing that not all schemes operate in the same way and that if a certain provider or QROPS scheme has fallen short of the rules then it is that scheme which should be removed.
Others are suggesting that HMRC simply do not understand how the Singapore tax regime operates and is in part the reason for the withdrawal of all Singapore QROPS.
Whichever the reason may be for QROPS in Singapore being removed from the approved list, one thing is certain and that is the fact that many other offshore pension providers have been stunned and taken note of this which is a good sign. This will ensure other offshore QROPS providers adhere to the rules and regulations which have been set out by HMRC and in turn offers people interested in transferring their pension into a QROPS an extremely safe and above board procedure.
Contact a QROPS adviser for further information on legitimate QROPS transfers and to find out which QROPS provider or scheme suits your personal circumstances best.
