If you have worked as an expat probably in the Far East area over the years and used the pension scheme managed by Hong Kong firm, Beazley Consulting, read on .. UK’s HM Revenue & Customs (HMRC) has revoked the overseas transfer status (known as the Qualifying Recognised Overseas Pension Scheme (QROPS) of the Beazley Consulting Pension Scheme.
As a result, anyone who has transferred UK pensions into the Beazley Consulting scheme could face hefty tax penalties on their fund holdings. These penalties could total 55% of the value of their transferred funds.
HMRC says it will look at individual claims to have the penalties waived but only a case-by-case basis.
If you have transferred your UK pension into this fund you can contact HMRC to discuss.