Singapore QROPS

More than 1,000 pension scheme members stuck in limbo with the delisted Singapore QROPS schemes have transferred their money out of the ill-fated Singapore pensions in to another QROPS with the help of QROPS Adviser.

Each QROPS transfer has been with the help of a dedicated team of QROPS Adviser consultants who deal directly with Singapore QROPS clients.

All Singapore QROPS were delisted from the HM Revenue and Customs (HMRC) list of QROPS providers in May 2008 over rumoured allegations of miss selling the pensions.

The Singapore QROPS providers repeatedly denied any allegation of wrongdoing and claim HMRC did not understand how Singapore’s financial and tax rules applied to QROPS.

Nevertheless, the doors remain closed on Singapore as a QROPS centre as HMRC has not overturned the previous delisting decision.

We have worked closely with many schemes around the world to find a solution for Singapore QROPS clients and we are pleased to say this has paid off with transfers out of Singapore in to other QROPS schemes for more than 1,000 QROPS pension holders

These transfers have helped a lot people with big worries over what would happen to their money and how they would fund their retirement.

HMRC has also clamped down on QROPS schemes in Guernsey and Gibraltar within recent months, but neither was delisted after QROPS providers and tax authorities agreed to bring their schemes in line with HMRC guidelines.

Recent figures disclosed about 3,500 transfers are made from UK pension schemes to QROPS each year. Transfers so far total more than £0.5 billion.