Recognised overseas pension schemes notification list 3 June 2020
The list of Recognised Overseas Pensions Schemes (ROPS) notifications has been updated.
The list is of schemes that have told HMRC they meet the conditions to be a ROPS and have asked to be included on the list.
There have been 13 scheme names added to the list, and none removed. No amendments have been cited in this update.
A very welcome change is that HMRC now list the updates, as follows.
Schemes added
Australia
AdamG Super Fund AKB Super Fund Bower Super Fund
BrunxTrunx Superfund D&A Catterson SMSF Holmes Super Fund Jackiesloan13 Jackson Superannuation Fund J and D Dempster-Smith Superannuation Fund
L Bispham Superannuation Fund Moss ROPS Superannuation Fund Woodstone Superannuation Fund
Isle of Man
Laurels SIPP
An updated list of ROPS notifications is published on the first and 15th day of each month. If this date falls on a weekend or UK public holiday the list will be published on the next working day. Sometimes the list is updated at short notice to temporarily remove schemes while reviews are carried out, for example, where fraudulent activity is suspected.
The requirements to be a ROPS changed from 6 April 2017 - find out about the changes for ROPS requirements.
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The FCA bans contingent charging 9 June 2020
As just one of a new range of measures designed to “address weaknesses” across the Defined Benefit (DB) pension market, the Financial Conduct Authority (FCA) will ban contingent charging in the majority of circumstances.
The contingent charging model means that financial advisers are only paid if a client proceeds with their recommendations and transfers their DB pension following the adviser’s guidance. This differs from the practice of advisers charging upfront when providing pension advice.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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