QROPS now trapped in KiwiSaver funds
The savings industry in New Zealand has been caught on the back foot after the UK regulators poorly implemented a series of changes around QROP transfers.
The UK tax department HMRC decided, on April 4, that UK pensions could no longer be transferred to KiwiSaver funds.
It said KiwiSaver funds didn't qualify for QROPS transfers as members could withdraw funds before they reached 55. This can be allowed in the case of severe hardship, or for withdrawal for a first home.
However, fund managers and others in New Zealand only found out about the changes 11 days later.
AMP general counsel, Elaine Campbell says the changes happened without any consultation and came as a bit of a surprise.
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