Recognised Overseas Pension Schemes
Qualifying recognised overseas pension schemes 5 May 2015
HMRC has updated form APSS251 and associated notes to reflect new and existing legislation and to align with their published guidance.
Amongst these changes a new Q5 ‘Payment of Benefits’ has been added to from APSS251 and changes have also been made to the ‘Undertakings and declaration’ at Q40.
Form APSS251 is used by pension scheme managers to notify HMRC that a scheme is a recognised overseas pension scheme in accordance with Section 150(8) and Section 169 Finance Act 2004.
The form may also be used to notify HMRC of changes to scheme details.
Recognised Overseas Pension Schemes notifications HMRC has also published the latest update to the Recognised Overseas Pension Schemes notifications which is the list of schemes that have told HMRC that they meet the conditions to be a Recognised Overseas Pension Scheme.
Recognised Overseas Pension Schemes notifications 10 June 2015
HMRC has published the latest update to the Recognised Overseas Pension Schemes notifications.
HMRC has published the latest update to the Recognised Overseas Pension Schemes notifications which is the list of schemes that have told HMRC that they meet the conditions to be a Recognised Overseas Pension Scheme.
Changes to the published list of Overseas Pension Schemes 19 June 2015
HMRC has reviewed the published List of Recognised Overseas Pension Schemes Notifications and lists published after 6 April 2015 contain revised text to more accurately reflect the content of the list.
HMRC’s June 2015 edition of their Pension schemes newsletter (69) published details as follows of the revisions:
Changes to the published list of overseas pension schemes Following feedback from stakeholders we have reviewed the published List of Recognised Overseas Pension Schemes Notifications. Lists published after 6 April 2015 contain revised text to more accurately reflect the content of the list.
The published list is not a list of Qualifying Recognised Overseas Pension Schemes (QROPS) - it is, and always has been, a list of the overseas entities that have:
notified HMRC they are a Recognised Overseas Pension Scheme (ROPS) made certain commitments with regard to reporting matters to HMRC been issued with a reference number from HMRC requested publication on HMRC’s website.
This list is made available to reduce the administrative burdens on the overseas entity, UK registered pension schemes and members considering transferring their UK tax relieved pension savings to an overseas entity. For every proposed transfer, members and UK registered pension schemes need to satisfy themselves that the overseas receiving entity is a QROPS. One aspect of this is to ensure that the overseas entity has made the necessary notification and undertakings to HMRC that it is a ROPS.
CIPP Policy News Journal
25/04/2016, Page 390 of 453
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