3 thoughts on “Hong Kong drops off HMRC Rops list”

  • Simon Harrall says:

    David, the age test has been met for Hong Kong.
    As the person who put the majority of the HK ORSO pensions on the list, in fact all bar 4, I am aware of the main reason, which has nothing to do with the pension age test.

    I only drafted and issued the regulatory forms for subsequent approval at HK level and HMRC notification, ( “the car manufacturer not the driver”, if you like), however I feel sorry for the vast majority of the HK ORSO/QROPS which I established where they are bona fide workplace pensions. Those cases deserve to be re-instated and I believe they will be, as for example GBST and others which are proper company pensions where people work for the companies that sponsor the schemes and therefore are members of the legitimate pension schemes. The rest I have no idea about…………….!

  • Bethell Codrington says:

    Perhaps if anyone read the Mandatory Provident Fund Schemes Authority (HK) press release in August 2017, the removal of HK QROPS will not be a surprise.
    It’s final paragraph states:
    “If you are invited to invest or enrol in an ORSO Scheme the relevant employer of which is not your actual employer, you should refuse the invitation and where appropriate report the incident to MPFA via our hotline”.
    This dispels some of the myths peddled by some providers and was the reason why the original Beasley QROPS was withdrawn in 2008. That update regulations and the OTC charge make HK pretty unsuitable this type of activity.

  • Bethel good comments and I agree about the non real employment comment but all the legitimate firms that have them are fine. Real work place pensions of which 90% of the HMRC list was made up of should remain recognized, as indeed the MPFA have been fully appraised thereof.

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