The Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) (Amendments) Regulations, SI 2017/398, coming into force on 6 April 2017, remove the rule requiring overseas pension schemes to designate a minimum of 70% of tax-relie
The Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) (Amendments) Regulations, SI 2017/398, coming into force on 6 April 2017, remove the rule requiring overseas pension schemes to designate a minimum of 70% of tax-relieved funds to provide members with an income for life, in order to qualify as a recognised overseas pension scheme. Providers of non-occupational pension schemes will have to be regulated in the country where the scheme is established, if the scheme itself is not regulated. The regulations also allow for payments to be made before age 55, where they would be authorised payments if paid by a registered pension scheme. HMRC consulted on a draft of these regulations alongside the draft Finance Bill 2017 legislation.
The Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) (Amendments) Regulations, SI 2017/398, coming into force on 6 April 2017, remove the rule requiring overseas pension schemes to designate a minimum of 70% of tax-relie
The Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) (Amendments) Regulations, SI 2017/398, coming into force on 6 April 2017, remove the rule requiring overseas pension schemes to designate a minimum of 70% of tax-relieved funds to provide members with an income for life, in order to qualify as a recognised overseas pension scheme. Providers of non-occupational pension schemes will have to be regulated in the country where the scheme is established, if the scheme itself is not regulated. The regulations also allow for payments to be made before age 55, where they would be authorised payments if paid by a registered pension scheme. HMRC consulted on a draft of these regulations alongside the draft Finance Bill 2017 legislation.
