The number of transfers to Qualifying Recognised Overseas Pension Schemes (QROPS) fell from 9700 in 2016 to 2017 to 4,700 in 2017 to 2018, according to latest figures published by HMRC.
Official statistics show the equivalent value for this fall was from £1,220m to £740m.
Since April 2006 individuals have been able to transfer their pension savings in a registered pension scheme to a qualifying recognised overseas pension scheme (QROPS). In March 2017, the government announced QROPS transfers for individuals not in the EEA would be hit with a 25 per cent tax charge.
Royal London head of business development Clare Moffat said: “The decrease is as I would have expected following the most recent change. The government intended that QROPS were not misused to provide an improved tax position for those who didn’t intend to leave the UK on a long term basis. So they should now only be used by someone who is moving abroad and intending to remain abroad.
“Scheme administrators of the registered pension schemes or the scheme manager of the QROPS are jointly and severally liable for the overseas transfer charge – they had to decide whether or not they wished their scheme to continue to be a QROPS following the introduction of the overseas transfer charge which also will have had an impact.”
Latest News
-
House prices flat in September during period of higher mortgage rates
-
Just 9% of Brits on track for comfortable retirement
-
Only one in six expect to fully retire, study finds
-
Average five-year mortgage fix reaches three-year high at 6%
-
Half of UK young adults facing housing insecurity highlight lack of financial education
-
Remortgage searches jump 44% in September
AI, finfluencers and the future of broking
The mortgage industry is evolving faster than ever. In this MoneyAge video, we examine the opportunities and challenges redefining the broker landscape, from AI-powered lending and changing customer expectations to housing affordability, property supply and the rise of financial influencers. Our guest from Chorley Building Society shares practical insights on what brokers need to do to stay relevant and thrive in a rapidly changing market.
Perenna and the long-term fixed mortgage market
Content editor, Dan McGrath, spoke to head of product, proposition and distribution at Perenna, John Davison, to explore the long-term fixed mortgage market, the role that Perenna plays in this sector and the impact of the recent Autumn Budget
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories