Mis-sold or mis-managed QROPs?
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In April 2006 QROPS (Qualifying Recognised Overseas Pension Schemes) were introduced to facilitate the transfer of pension funds overseas (subject to certain requirements set by HMRC being met). A QROPS is a form of pension located outside of the United Kingdom, which is able to receive funds from a registered UK pension. A QROPS can be very attractive because of the potential tax benefits, namely the possibility of avoiding UK income tax and substituting it with a lower rate of tax (depending on the location of the QROPS). Whilst a QROPS can sound very attractive, in recent years a number of QROPS have been shut down for either failing to comply with the legislation and/or being used to exploit tax loopholes.
Whilst a QROPS can sound very attractive, in recent years a number of QROPS have been shut down for either failing to comply with the legislation and/or being used to exploit tax loopholes…
The legislation surrounding QROPS is complex and even if a particular scheme is listed on HMRC’s ‘list of accepted schemes’ it does not provide any guarantees that the scheme is not in breach of legislation and therefore subject to disqualification at a later date. If you find yourself in breach of such legislation by making an “unauthorised transfer” (i.e. a transfer into a scheme that is in breach of legislation) the penalties and potential losses are significant:
If you have been advised by a regulated financial adviser to transfer your pension in to a QROPS that has later been disqualified please contact us to discuss your circumstances at no cost on 0800 152 2620. If your case is accepted, you will be offered a “No Win No Fee agreement”. Generally, if you do have a claim against your financial adviser, it will be covered by your adviser’s insurance policy.
Have you suffered financial losses on a SIPP operated by a SIPP operator? If so, then you may have grounds for bringing a No Win No Fee claim.
Some SIPP operators have entered into dealings with third party advisers who are not authorised and regulated by the Financial Conduct Authority to give pension or investment advice. This is despite their regulatory body publishing alerts and giving warnings against such actions.View More