It had been expected that in today’s Autumn Statement or the Taxation of Pensions Bill which is being read today in Parliament would clarify how the structure of the QROPS rules would be changed.
Brendan Harper, technical manager at Friends Provident International, said: “The documentation released today appears to be silent on any further reform in the QROPS space.
“Legislation designed to cater for pensions flexibility have been included in the Taxation of Pensions Bill, but no announcement appears to have been made today on changing the structure of the QROPS rules to actually permit non-EU schemes to take advantage of these wider freedoms. We continue to watch this space.”
Meanwhile, Mark Sanderson, chief operating officer at pensions specialist Brooklands Pensions, said: “There is nothing to suggest the Taxation of Pensions Bill, being read today, will address the specific points about QROPS which need clarity. It is a bit of a disappointment they still not clarified these outstanding questions.”
