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Title: | Legal and regulatory issues related to QROPS recognition : with particular refernce to Malta and other jurisdictions |
Authors: | Saliba, Nicole Ann (2011) |
Keywords: | Special funds -- Malta Old age pensions -- Malta Old age pensions -- Great Britain |
Issue Date: | 2011 |
Abstract: | The never-ending dilemma which different jurisdictions have been facing for a good number of years has been the pressing need to provide a sustainable structure for the provision of pension benefits to their citizens who have surpassed the retirement age. However in determining the most suitable framework, different governments in respect of different jurisdictions have embarked on a number of studies and projects in light of a number of different factors in terms of 'multiple demographic factors, for example, population aging and low fertility with their implications for the labour market to the ensuing public finance pressures to mention a few.' The introduction on the QROPS regime by the UK authorities in April 2006 was an innovative proposal, which meant that UK residents who intended to establish and/or retire in a foreign jurisdiction could opt to transfer their accumulated UK pension benefits to a recognized overseas pension scheme that has been granted QROPS status by Her Majesty's Revenue and Customs. The approved QROPS scheme must be regulated as a pension scheme in its domicile country and recognized as such for tax purposes in such a domicile. Different jurisdictions offer different alternatives and beneficial features for individuals to transfer their accumulated pension benefits to overseas recognized pension schemes established within their own territory. The HMRC subjects the different domiciles to a number of hefty penalties and tax liabilities if the schemes established within their territories do not comply with the ongoing requirements and conditions which may give rise to unrecognized transfers and unauthorised payments. |
Description: | M.A.FIN.SERVICES |
URI: | https://www.um.edu.mt/library/oar//handle/123456789/4595 |
Appears in Collections: | Dissertations - MA - FacLaw - 2011 |
Files in This Item:
File | Description | Size | Format | |
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11MFIN010.pdf Restricted Access | 608.25 kB | Adobe PDF | View/Open Request a copy |
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