The HMRC’s online service for qualifying recognised overseas pension schemes (QROPS) is to close on 5 April 2017 as a result of the “pace and volume” of QROPS changes, the Institute of Chartered Accountants has learned.
Pension scheme managers and administrators are required to report information to HMRC regarding overseas schemes, including transfers to and payments from QROPS. As of 6 April 2017, this duty must be actioned through existing forms and reference material as the online platform will no longer be available.
When questioned by the ICAEW why the service is being terminated, the HMRC explained that its reason is due to the pace and volume of changes made to QROPS forms. As a result, it has not been possible to adapt these to the online system.
Ultimately, the HMRC said that instead of having to reject forms and ask for more information from funds, removing the service completely would provide a better process for customers.
The HMRC will be looking to launch an updated and more streamlined online service for QROPS in the future as part of its wider digital strategy.