Concept is currently unable to provide a listed Aurora QROPS solution based in Guernsey to allow individuals to transfer UK registered pension schemes, although transfers may be received from other pensions (to benefit from our flexible access schemes) including QROPS depending on the status of the scheme and member.
However, Concept is delighted to be able to offer listed QROPS solutions from Gibraltar, with the development and launch of the Aurora Europa QROPS, allowing individuals to transfer UK registered pension schemes.
As a result of further legislative requirements introduced by HMRC to the Pension Schemes, (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 2006, Concept took the measure of formally “delisting” its range of former Aurora QROPS.This action has been undertaken by Concept in order to ensure and safeguard the interests of the existing membership of the Aurora QROPS.
The impact of “delisting” the Aurora QROPS is outlined below.
Impact for Existing Members
Existing Members of the Aurora QROPS were not disadvantaged as a result of Concept formally “delisting” the schemes. HMRC have provided written confirmation, (RPSM13104050), that the loss of Aurora QROPS status will not result in any unauthorised member payment charges of negative implications for an existing member.
The below section, taken from HMRC’s RPSM “Registered Pension Scheme Manual” supports this:
Loss of QROPS Status – (RPSM13104050)
“Existing members of such a pension scheme at the time of loss of status, are not prevented by the tax rules from continuing as members of the ongoing scheme. They may receive benefits that were due under the QROPS from the sums that had transferred in from the originating RPS when the scheme was a QROPS, in the same way as they would if QROPS status continued. The loss of status will not of itself incur member payment charges.”
The reputation for technical excellence and Aurora QROPS innovation continues as the experienced team of Aurora QROPS administrators continues to service the existing book of former QROPS business.
Should you require further guidance and support surrounding the impact and implications of the actions undertaken by Concept Group, or the revised HMRC legislative requirements introduced, please contact a member of our Sales team.