New Zealand QROPS are under threat from stiff new laws that will close the country's pensions to outsiders.
Recent articles have been talking about the risk of using a new zealand qrops pension due to the potential changes in the new zealand rules
The rules will only let New Zealand residents and other special groups, like government employees, invest in qualifying recognised overseas pension schemes.
The suggestion was released by the governing body in a draft 400-page Finance Markets Conduct Bill that is open for consultation.
The objective is for New Zealand finance regulators to take on powers to protect pension funds for employees if their employer's businesses falls down.
The issue for retirement savers having a look at New Zealand QROPS is HM Cash and Customs rules specify that one of the essential rules of a QROPS is the pension must be open to residents and non-residents in the country where the scheme is based.
This rule lets QROPS investors live outside of New Zealand and many never visit the country.
The consultation offer appears at percentages with state policy to make New Zealand an offshore money center for the fast developing economies of South-East Asia.
Some observers feel the proposals are replying to abuse of New Zealand QROPS by some counsellors and pension savers. Pension rules in New Zealand let some investors withdraw more than the common 30% of the fund tax-free under special circumstances before the age of 55.
HMRC has declined to comment on the New Zealand's govt. moves and hasn't indicated at any time that the way some QROPS operate in the country are at chances with scheme rules.
Consultation in new Zealand closes on Sep 6. The bill is not likely to become law for a minimum of a year - and meanwhile the country has a election in Nov that could mean significant changes to the suggestions.
Recent articles have been talking about the risk of using a new zealand qrops pension due to the potential changes in the new zealand rules
The rules will only let New Zealand residents and other special groups, like government employees, invest in qualifying recognised overseas pension schemes.
The suggestion was released by the governing body in a draft 400-page Finance Markets Conduct Bill that is open for consultation.
The objective is for New Zealand finance regulators to take on powers to protect pension funds for employees if their employer's businesses falls down.
The issue for retirement savers having a look at New Zealand QROPS is HM Cash and Customs rules specify that one of the essential rules of a QROPS is the pension must be open to residents and non-residents in the country where the scheme is based.
This rule lets QROPS investors live outside of New Zealand and many never visit the country.
The consultation offer appears at percentages with state policy to make New Zealand an offshore money center for the fast developing economies of South-East Asia.
Some observers feel the proposals are replying to abuse of New Zealand QROPS by some counsellors and pension savers. Pension rules in New Zealand let some investors withdraw more than the common 30% of the fund tax-free under special circumstances before the age of 55.
HMRC has declined to comment on the New Zealand's govt. moves and hasn't indicated at any time that the way some QROPS operate in the country are at chances with scheme rules.
Consultation in new Zealand closes on Sep 6. The bill is not likely to become law for a minimum of a year - and meanwhile the country has a election in Nov that could mean significant changes to the suggestions.
About the Author:
UK pension savers and ex pats considering a QROPS should consult an experienced independent offshore pension adviser about the merits of transferring to a plan under QROPS New Zealand jurisdiction.
No comments:
Post a Comment