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Pension scheme newsletter for October 2024

The latest HMRC Pension scheme newsletter 164 summarises the following announcements made in the autumn budget:

  • unused pension funds and death benefits payable from a pension will form part of a person’s estate for IHT purposes from 6 April 2027 and the government proposes that pension scheme administrators will become liable for reporting and paying this;
  • from 30 October 2024 the overseas transfer charge exclusion that applied to members transferring to a QROPSs in the EEA or Gibraltar will be removed;
  • from 6 April 2025 the conditions for a scheme to be an Occupational Pension Scheme (OPS) or Recognised Overseas Pensions Scheme (ROPS) established in the EEA will be brought in line with OPSs and ROPSs established in the rest of the world;
  • all pension scheme administrators of a UK registered pension scheme will be required to be a UK resident from 6 April 2026; and
  • HMRC acknowledged speculation about changes that might...

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