Pensions  

How have LTA changes affected transfers to Qrops?

  • To be able to explain how pension tax changes affect people transferring to a Qrops
  • To be able to describe how allowances on transfers work
  • To be able to identify when a transfer charge might apply
CPD
Approx.30min

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It is more onerous than a transfer between UK schemes would be, often costly, and introduces new complexity understanding how benefits can be received in future and the tax implications of doing so in a different jurisdiction.

Bethany Joslyn is senior technical consultant at AJ Bell

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CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. Why have the transfers of Qrops doubled this year on last year?

  2. Which of the following limits on pension benefits has the most impact on Qrops funds?

  3. What does the overseas transfer allowance emulate?

  4. Transfers to Qrops do not use up any of the member’s lump sum allowance or lump sum and death benefits allowance, true or false?

  5. If someone has fixed protection 2014 and lump sum and death benefits of £1.5mn, how much would their transfer allowance to a Qrops be?

  6. Which of the following is NOT one of the two tests for triggering a transfer charge?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • To be able to explain how pension tax changes affect people transferring to a Qrops
  • To be able to describe how allowances on transfers work
  • To be able to identify when a transfer charge might apply

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