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UK scraps 70% ‘income for life’ rule for overseas pensions

UK scraps 70% ‘income for life’ rule for overseas pensions

The UK government has announced it will abolish a rule requiring recognised overseas pensions schemes (Rops) to earmark 70% of funds to provide members with an income for life, as further details emerge on HM Revenue & Custom's overhaul of foreign pensions unveiled in this week's Autumn Statement. On Wednesday, the UK Treasury announced that income from foreign pensions, the bulk of which consist of recognised overseas pension schemes (Rops), will be treated the same as income from UK pensions. Please link to International Adviser to log in and read the full article by Monira Matin. 

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