ROPS Repatriation
Ralfos
Member
Hi all
Has anyone managed to repatriate a ROPS - specifically from Beazley Fiduciaries (Sovereign administrators). At the last minute (ie after projections and completion of discharge forms) they have produced a pro-forma indemnity for the receiving scheme. It basically transfers and liability (for anything) onto the receiver and is subject to Hong Kong law!
Naturally Zurich are no longer interested but I genuinely doubt anyone would be on studying the indemnity.
Does anyone know if this indemnity even legal/legit? The trustees do not appear to be acting in the members interest and seeking only to protect themselves. Can they be challenged?
Any help appreciated.
Andy
Has anyone managed to repatriate a ROPS - specifically from Beazley Fiduciaries (Sovereign administrators). At the last minute (ie after projections and completion of discharge forms) they have produced a pro-forma indemnity for the receiving scheme. It basically transfers and liability (for anything) onto the receiver and is subject to Hong Kong law!
Naturally Zurich are no longer interested but I genuinely doubt anyone would be on studying the indemnity.
Does anyone know if this indemnity even legal/legit? The trustees do not appear to be acting in the members interest and seeking only to protect themselves. Can they be challenged?
Any help appreciated.
Andy
Comments
Chartered Financial Planner
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Head of Technical at Paradigm Norton
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I did and they are having a look at it but there initial feeling is that it is very unusual.