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Laurence Lancaster LLB, LLM, TEP, Tax Counsel with Sovereign, presented on this topic.

Below is a summary of the agenda. You can view a detailed copy of the agenda here.

Part 1: Qualifying Recognized Overseas Pension Schemes (QROPS)

Topics for discussion:

  • What is a QROPS?
  • Summary of changes to the regime since 6 April 2006 (A-Day)
  • Overseas Transfer Charge
  • Other charges / penalties
  • Attribution of payments to different types of funds following April 2017 changes
  • Considerations for those members returning to the UK.

Part 2: Qualifying Non UK Pension Schemes (QNUPS)

Topics for discussion:

  • What is a QNUPS?
  • Why is it important for a QROPS to be a QNUPS?
  • Changes to the tax treatment of lump sums (includes discussion of QROPS)