UK Pensions in Singapore
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, QROPS in Singapore were last year removed from HM Revenue & Customs list of approved overseas pension schemes for transferring UK pensions to.
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.
The main reason for Singapore QROPS being removed from the HMRC list seems to be 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.
If you are planning to move permanently abroad to Singapore or any other country for that matter, contact a QROPS adviser to find out what QROPS jurisdiction is best for you to transfer your existing pension into.
