Overseas Pension Schemes (Qrops)

[stu99]

I practice as a taxation and trust adviser, largely in the Far East, but also in Europe, a big part of that is pension management, remember a pension is a trust that is designed to provide a retirement income, they, the contributors, enjoy generous tax privileges when contributions are being made, the down side is that income is taxable, that said, this can be managed fairy easily in most cases, whilst that said, the scheme remains in a fully regulated and protected territory.

Personally, I am alarmed to say the least at the continual abuse of QROPS schemes especially where the advice is provided in Thailand and some other non regulated countries in SE Asia, in particular the ongoing illegitimate use of such schemes to effectively “cash in” your pension, less of course a fat commission for the typically desperate salesman and companies concerned who clearly care very little for the victim enticed into such nonsense.

There is indeed a small market for QROPS, and the basic principle is correct but very limited and should be done with the most extreme care by only a professional qualified and trusted adviser.

I very much doubt Thai Visa will publish the names of the main protagonists, just in case though, abbreviated though they are MP, CDV, both companies are welcome to respond if they feel they have done nothing illegitimate, I have evidence to prove otherwise using at least one scheme I know of, a scheme based in New Zealand called Supalife, no doubt there will be others, I know for a fact this scheme is currently being investigated by HMRC and expect it to be struck off the QROPS list in the very near future, you have been warned.

People coerced into such fraudulent actions by typically unqualified, and desperate salesman need to realize that the responsibility of the criminal proceedings sure to come when HMRC catch up with them rest solely on their shoulders as well as any future benefit including their state pension.

This is inevitable, HMRC whilst not the fastest agency on the planet are still not stupid and will find those individuals who have been stupid enough to embark on such an irresponsible course of action.

No doubt the salesman having made the hefty commission will have long gone probably to embark on you another scam. The companies concerned will also undoubtedly have renamed themselves once again.

I do an honest job in a professional way, I do though find it a constant source of frustration, especially in Thailand that these criminals seem to be able operate at will, providing of course they don’t prey on Thai nationals.

[pbthailand]

I am surprised by your comments regarding Super Life. They were used for my own pension transfer quite recently and when doing my own due diligence on this company was very reassured to find out that:they are one of the biggest pension providers in New Zealand with over 40,000 members including the likes of Citibank DHL and Deloitte and Touche.

I am equally surprised at your suggestion that this was in any way illegal. Surely if the government deemed it as such they would close it down straight away. Also I am sure that Standard Life (a very large and reputable pension company) would not have transferred my money across to them if there was even a hint of what you say being true.