Qualifying Recognised Overseas Pension Schemes (QROPS) - HMRC deregister all Singapore-based QROPS

Moving on fears of potential trust busting, HMRC have removed all pension schemes based in Singapore from their list of QROPS. A number of firms had set up arrangements to receive transfers from UK pension schemes, but which adhered to the UK rules for a limited period before allowing the distribution of residual funds direct to members. Transfers to schemes in Singapore will be now classed as an unauthorised payment resulting in potential severe tax consequences for the transferring scheme and the member. It is not clear how transfers that have already taken place will fare.