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The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) (Amendment) Regulations SI 2012/1795 ensure that the FA 2011 reforms which relaxed restrictions on paying lump sums and drawdown pensions for individuals aged 75 and over work properly in connection with members of relevant non-UK pension schemes. The amendments replace the concept of an ‘unsecured pension’ and an ‘alternatively secured pension’ with the concept of a ‘drawdown pension’. A new facility is introduced removing the annual limit on payments from drawdown and dependants’ drawdown pensions provided a minimum income requirement of £20 000 per annum is met. The changes have retrospective effect from 6 April 2011 when the FA 2011 reforms came into force. A draft of these regulations was issued for comment in April 2012.

HMRC has published an update to the qualifying recognised overseas pension schemes (QROPS) list. The list shows those...

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