What is a QROPS Transfer?

A Qualifying Recognized Overseas Pension Scheme (QROPS) is any scheme recognized by HMRC as meeting certain standards and conditions equivalent to a UK pension. This approval allows anyone with a UK registered pension who is living outside the UK, or is intending to leave the UK, to transfer their pension offshore.

  1. What is a QROPS?

    • A Qualifying Recognized Overseas Pension Scheme.
    • A pension scheme set up outside the UK, recognized by HMRC as meeting certain standards and conditions equivalent to a UK pension.
  2. What is a QROPS Transfer?

    • A QROPS Transfer is the transfer of assets from your UK Pension Scheme into a Qualifying Recognized Overseas Pension Scheme.
    • You may be able to transfer your UK pension to a QROPS if you live outside the UK, or intend to leave the UK (You need to be a UK on-resident for 5 tax years).
  3. When was a QROPS Pension Transfer introduced?

    • Due to the European precedent in creating pension transferability, in April 2006 the UK HMRC introduced the QROPS for individuals meeting certain requirements.
  4. What is a good QROPS?

    • Tax efficiency
    • Well established and secure jurisdiction
    • Investment Flexibility
    • Transparent Charges
  5. Which pension schemes are HMRC approved?

    • An updated list of eligible QROPS can be found at here.
    • Not all QROPS are necessarily listed here, only those consenting to have their details published.