New Zealand QROPS are under threat from stiff new regulations which will close the states pensions to outsiders.
Recent articles have been talking about the risk of using a new zealand qrops pension due to the potential changes in the new zealand rules
The guidelines will only let New Zealand residents and other special groups, like govt. workers, invest in qualifying recognized overseas pension schemes.
The suggestion was released by the governing body in a draft 400-page Finance Markets Conduct Bill that is open for consultation.
The intention is for New Zealand financial regulators to take on powers to protect pension funds for employees if their employer's businesses falls down.
The problem for retirement savers looking at New Zealand QROPS is HM Revenue and Customs rules identify that one of the basic rules of a QROPS is the pension must be open to residents and non-residents in the country where the scheme is based.
This rule lets QROPS financiers live outside of New Zealand and many never visit the country.
The consultation suggestion seems at chances with government policy to make New Zealand an offshore financial hub for the fast developing economies of South-East Far East.
Some observers feel the suggestions are responding to abuse of New Zealand QROPS by some advisers and pension savers. Pension rules in New Zealand let some speculators withdraw more than the common 30% of the fund tax-free under special circumstances before the age of 55.
HMRC has declined to comment on the New Zealand's govt. moves and hasn't indicated at any time that the way some QROPS operate in the country are at chances with scheme rules.
Consultation in new Zealand closes on Sep 6. The bill is not likely to become law for a minimum of a year - and meanwhile the country has a election in Nov that could mean significant changes to the suggestions.
Recent articles have been talking about the risk of using a new zealand qrops pension due to the potential changes in the new zealand rules
The guidelines will only let New Zealand residents and other special groups, like govt. workers, invest in qualifying recognized overseas pension schemes.
The suggestion was released by the governing body in a draft 400-page Finance Markets Conduct Bill that is open for consultation.
The intention is for New Zealand financial regulators to take on powers to protect pension funds for employees if their employer's businesses falls down.
The problem for retirement savers looking at New Zealand QROPS is HM Revenue and Customs rules identify that one of the basic rules of a QROPS is the pension must be open to residents and non-residents in the country where the scheme is based.
This rule lets QROPS financiers live outside of New Zealand and many never visit the country.
The consultation suggestion seems at chances with government policy to make New Zealand an offshore financial hub for the fast developing economies of South-East Far East.
Some observers feel the suggestions are responding to abuse of New Zealand QROPS by some advisers and pension savers. Pension rules in New Zealand let some speculators withdraw more than the common 30% of the fund tax-free under special circumstances before the age of 55.
HMRC has declined to comment on the New Zealand's govt. moves and hasn't indicated at any time that the way some QROPS operate in the country are at chances with scheme rules.
Consultation in new Zealand closes on Sep 6. The bill is not likely to become law for a minimum of a year - and meanwhile the country has a election in Nov that could mean significant changes to the suggestions.
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UK pension savers and ex pats considering a QROPS should consult a professional independent offshore pension advisor about the benefits of transferring to a project under QROPS New Zealand jurisdiction.