Overseas pensions face compensation jeopardy

Posted 06/08/2011 - 13:09 by anrigaut

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2011-08-04 23

Individuals who hold their money in custodial banks through an overseas pension scheme, such as a QROPS or QNUPS, could be putting their money at greater risk than they realise.

The depositor compensation schemes of major overseas pension jurisdictions such as the Isle of Man, Malta and Gibraltar, stipulate that they do not cover deposits held on behalf of a trust or retirement scheme. ....