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Niko Kloeten
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No nasty surprises for NZ QROPS

Friday 21st of December 2012

However, other countries may soon be targeted by similar regulations to those foisted on New Zealand, which seem to have simply shifted the conduct targeted by the UK regulator elsewhere.

UK’s tax department the HMRC has released its draft tax bill for next year, which contains a few minor tweaks including requirements for schemes to notify HMRC every five years that their scheme continues to meet the conditions to be a QROPS.

Scheme managers will also be required to report any payments made out of transfers of pension savings they have accepted from UK pension schemes, even if the scheme has stopped being a QROPS since accepting the transfer.

These relatively small changes are in contrast to last year’s draft bill, which caught New Zealand’s QROPS industry by surprise with new regulations designed to ensure the schemes were used to provide an income in retirement.

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FMA outlines its latest expectations for advisers
Paul Flood: The danger is that the 'goalposts' (regarding what is acceptable or unacceptable adviser conduct) may be susceptible to change. Our 'Principles based' legal/regulatory environment lends itself to “prevalence-induced concept change” over time, perhaps not so much in the written laws and Code, as in the interpretation of the prescribed principles.
17 hours ago Steve Wright
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Just a tip, if you use more than six, six letter words in a sentence you lose most Kiwi's. So avoid client/adviser confusion when writing your post or article if you would like it read and understood. Ironically, my last sentence was not likely read.
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FMA outlines its latest expectations for advisers
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To correct errors in my previous post: "policies, templates, and controls" should read "policies, processes, systems and controls", and "is more conductive" should read "is more conducive".
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