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South Africa pension reform opens up new advice opportunities Proposed pension reforms in South Africa could open significant advice opportunities for financial intermediaries and providers.
MOSCOW (Reuters) — Russia's government approved a pension system overhaul on Thursday that will give it tighter control over savings accumulated by private funds while reducing the burden of an ageing population on the state's budget.
Daniel Freedman, founder and managing director of the London & Capital wealth management office, is sounding the alarm about the dangers of advising Americans to transfer pensions they may have accumulated while working in the UK into QROP schemes when they return home.
Dubai: It’s common practice among companies to grant a severance pay to a worker at the end of the employment. The compensation is usually a lump sum based on the employee’s length of service and, in this part of the world, it is a welcome alternative to the lack of a state-mandated pension for expatriates.
QROPS industry officials expressed relief over today's anticipated announcement by HM Revenue & Customs concerning how they are to handle transfers of pensions into qualifying recognised overseas pension schemes, which some had feared might contain more bad news for their sector.
Following a “shameful” legal defeat on the 21st of last month, HM Revenue & Customs have been forced to deliver a policy statement to judge Justice Charles.
This policy statement was delivered to the judge on the 12 July but as yet has not been made public. It is possible this delay could be a sign of a major shake-up in the way QROPS will be operated.
Critics of the international pensions industry expressed surprise today when it emerged that no offshore pension schemes, or QROPS, are involved in High Court proceedings that began in London today.
On 24 May 2013 HMRC issued draft legislation entitled ‘The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2013’ (the “2013 Regulations”).
Senior employees in Russia have access to pensions, share schemes, bonus plans and healthcare perks, but benefits packages that cover an entire workforce are rare.
Andrei Murygin, partner in Linklaters’ Moscow office, says: “There is no culture of offering [benefits] to every worker. The penetration levels are very low compared to the European countries.”
First American expatriates were told that their bank accounts weren’t welcome, either in the US or in their new countries of residence, because of the growing hassles and expense banks have to deal with when they have American citizens as clients.