I've a client in the medical profession that makes a monthly contribution to a QROP, for which we claim HR tax relief via his SATR.
In terms of the contributions he has made, also taking into account the NHS-confirmed PIA each year,he hasn't exceeded the annual allowance.
The QROP itself seems to include two main elements - one of which is effectively a replacement for the other country's equivalent to the UK state pension, and also an amount that is based upon various actuarial calculations that are hard enough to understand even after translation. Which makes me wonder if I should instead be calculating the PIA for the QROP as if it were a defined benefit scheme, i.e. based upon the increase in the value of his benefits during the PIP, rather than simply the amounts he contributes in cash terms.
I wondered if anyone has had a similar issue, and could provide any guidance on where to go next. I have tried to contact the QROP provider, but - translation issues aside - they don't seem to be able to provide the information that I would need to work out the PIA based on the value of his benefits.
Any guidance / help gratefully received.
Thanks.
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AJ Bell about Qrops - believe they have/had a specialist department
Cant see the benefit of these any more (unless very specialised situation) now that UK pensions have changed
Believe were useful at one time depending upon jurisdication for extra tax free allowance (30%), cashing in whole pot (stopped), outside scope of UK, originally disappeared off Revenue radar after 5 years now extended to xx? years etc. - in passing assume that the provider is on the Revenue approved list
Also as you say language difficulties - which is why Gurnsey, IOM(?), Gibralter etc. were preferred - addionally generally have higher charges