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Old 21.07.2015, 11:24
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weird pension situation. transfer to qrops fund here transfer out to swiss resident

So i need some advice.

Basically after a very long time and a lot of hassle my X has finally transferred his UK pension to his qrops registered pension fund. They should then transfer it to my pension fund. But they say that unless my pension fund is qrops registered they wont do it. Any ideas? My HR is not keen to get registered. I suggested sending it off shore but don't know if its legally allowed.

so am stuck between a obstructive X who doesn't really want to give me my share of the pension and big company pension team who wont transfer anything without full guarantees of no liability.

Anyone know the rules ...be great to transfer it out.
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Old 21.07.2015, 12:04
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Re: weird pension situation. transfer to qrops fund here transfer out to swiss reside

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So i need some advice.

Basically after a very long time and a lot of hassle my X has finally transferred his UK pension to his qrops registered pension fund. They should then transfer it to my pension fund. But they say that unless my pension fund is qrops registered they wont do it. Any ideas? My HR is not keen to get registered. I suggested sending it off shore but don't know if its legally allowed.

so am stuck between a obstructive X who doesn't really want to give me my share of the pension and big company pension team who wont transfer anything without full guarantees of no liability.

Anyone know the rules ...be great to transfer it out.
You can send it to www.pictet.ch , they have a QROPS fund & speak in perfect English. There are no commission charges if you go direct.

I recently left CH & have been paid out 100% in cash despite going to live in the EU, it's quite possible demanding on where you move to.

It's most unlikely that your company is a QROPS scheme, Why would it be? Sounds like a defined benefit scheme if they want a guarantee of no liability, probably left where it is in that case. A UK pension can be taken all in CASH from 55, it's 60 in CH with talk of disallowing a full cash withdrawal.
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Old 21.07.2015, 14:08
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Re: weird pension situation. transfer to qrops fund here transfer out to swiss reside

According to the UK Government website the only QROPS fund in Switzerland is the CERN pension fund (list published on July 1, 2015).


https://www.gov.uk/government/public...ns#switzerland
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Old 21.07.2015, 14:27
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Re: weird pension situation. transfer to qrops fund here transfer out to swiss reside

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According to the UK Government website the only QROPS fund in Switzerland is the CERN pension fund (list published on July 1, 2015).


https://www.gov.uk/government/public...ns#switzerland
There were significantly more than that on the list a few months ago when we were investigating the options. Something obviously changed on July 1st.
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Old 21.07.2015, 14:29
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Re: weird pension situation. transfer to qrops fund here transfer out to swiss reside

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According to the UK Government website the only QROPS fund in Switzerland is the CERN pension fund (list published on July 1, 2015).


https://www.gov.uk/government/public...ns#switzerland
That lists ROPS, not QROPS Q is for qualifying
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Old 21.07.2015, 14:45
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Re: weird pension situation. transfer to qrops fund here transfer out to swiss reside

Funny, the url actually says Qualifying...


www.gov.uk/government/publications/list-of-qualifying-recognised-overseas-pension-schemes-qrops


And I would have thought that you would have had to be a ROP to become a qualifying ROP.... but what do I know?
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Old 21.07.2015, 14:47
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Re: weird pension situation. transfer to qrops fund here transfer out to swiss reside

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There were significantly more than that on the list a few months ago when we were investigating the options. Something obviously changed on July 1st.


They had a clear out...I understand that not all the QROPS were sticking to the rules that qualified them...


http://www.liberty-wealth.com/news/l...tion-2863.html


"By contrast the countries suffering the highest drop in qualifying providers was Australia and Switzerland who had all bar 1 of their QROPS providers delisted."
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Old 21.07.2015, 14:53
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Re: weird pension situation. transfer to qrops fund here transfer out to swiss reside

Interesting.. my workplace scheme was a QROPS this time last year when I moved here. They never mentioned to us that they're no long QROPS... Perhaps this doesn't affect existing transfers (not that I am one).
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Old 21.07.2015, 15:57
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Re: weird pension situation. transfer to qrops fund here transfer out to swiss reside

thanks everyone..will try pictet

i am not leaving switzerland and i think thats the big problem..
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Old 23.07.2015, 11:44
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Re: weird pension situation. transfer to qrops fund here transfer out to swiss reside

Hi everyone, hopefully this will help:

All Swiss pensions bar the CERN scheme no longer meet UK ROPS requirements and cannot receive transfers from the UK. This includes all previously listed employer workplace plans (LPPs) and independent offerings (vested benefit accounts), such as Pictet's.

There is nothing to stop a Swiss resident transferring to an international financial centre (Malta, Gibraltar, Isle of Man) but you have to sure how the fund will be treated by your Cantonal tax authority (if the fund will grow tax free, if it will be excluded from wealth tax, how the eventual pension income will be taxed, etc.

I would suggest that you also have to sure that the transfer will provide real net benefits, which is frankly not always the case.

To answer the original questions though; the trustees of the qrops holding your X's pension will only be able to transfer half to a plan in your name if it is a currently approved ROPS, but also that they are implementing a court document, ordering that the pension be split.

If there is no legal basis for the splitting of the pension, it would be considered a distribution in favour of your ex. This would be reportable to HMRC and if it falls outside UK limits, would attract a charge of 55%.

In short y'all need advice

Cheers
Phillip

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Old 23.07.2015, 11:50
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Re: weird pension situation. transfer to qrops fund here transfer out to swiss reside

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Interesting.. my workplace scheme was a QROPS this time last year when I moved here. They never mentioned to us that they're no long QROPS... Perhaps this doesn't affect existing transfers (not that I am one).
Transfers completed prior to 6 April will get a bye, as the Swiss plans are only considered to not meet requirements, after this date.

Transfers in the pipeline should not actually complete , as the UK transferring scheme has an obligation to check the current list.

Transfers inadvertantly completing after 6 April but perhaps before 21 July when the list was re-published, may well be considered Unauthorised Transfers, and be subject to a 55% charge.
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Old 23.07.2015, 15:32
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Re: weird pension situation. transfer to qrops fund here transfer out to swiss reside

great information thanks Philip!
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Old 23.07.2015, 17:43
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Re: weird pension situation. transfer to qrops fund here transfer out to swiss reside

No worries, I can try to give you some proper pointers if you dont mind answering a few questions.

Is your ex's qrops in CH? Is it his employer's LPP?
When was it transferred and when did he leave the UK ?
Is there a legal document dividing property/pension, following dissolution of the relationship ? If so, by a UK court, or other ?

That should do it. Feel free to PM me if thats all a bit public.

Phil
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