QROPS Adviser

 

A QROPS is a Qualifying Recognised Overseas Pension Scheme that has met the criteria as set by and is recognised Her Majesty's Revenue & Customs (HMRC). Any QROPS can, therefore, in principle accept a transfer from a UK registered pension scheme.

 

How did QROPS come about

For many years, British expatriates and those moving overseas have been faced with difficulties when dealing with their UK pensions, as the pension is usually 'trapped' back in the UK. A disadvantage of this was the tax liability incurred when transferring a UK pension overseas.

On the 6th April 2006, new regulations for pensions came into force, which created an attractive option for transferring UK pensions into foreign plans. These recognised schemes or QROPS are now available, therefore those ex-pats who are or will be non UK-resident may be eligible to transfer their UK pensions without incurring a tax deduction and ultimately draw their pension without any UK tax liability.

More about QROPS

QROPS are pension schemes there are set up outside the UK, with many residing in low tax jurisdictions or in countries that have more generous tax-free lump sum rules, and/or no ultimate requirement to use a pension fund to buy an annuity. A major benefit of this is that it can provide the opportunity to those eligible to transfer to a QROPS to leave any remaining pension funds to their heirs. UK expatriates around the world and foreign workers who have spent part of their career in the UK and have accumulated UK-registered pension benefits may benefit greatly from QROPS.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future.

Qrops Advice

QROPS Adviser gives the best advice by telling you about the benefits and also any potential pitfalls you should consider. That's where our free review service becomes invaluable in helping you decide if QROPS is the best thing for you and your future plans.

Here is a list of Qrops Benefits and Pitfalls. After you have read through the rest of our site, we suggest you contact us for a discussion about your personal circumstances.

A QROPS is a Qualifying Recognised Overseas Pension Scheme that has met the criteria set by HMRC and is recognised by HMRC. Any QROPS can accept transfers from a UK registered pension scheme.

Expat Pensions

For many years, British expatriates and those moving overseas have been faced with difficulties when dealing with UK pensions, as the pension is usually 'trapped' back in the UK. One of the main difficulties has been the tax treatment of UK pensions. Until now it has been virtually impossible to move a UK pension to an overseas pension without being forced to pay basic rate tax on the transfer.

On the 6th April 2006, new regulations for pensions came into play, this created attractive options for transferring UK pensions into foreign plans. Recognised schemes, known as QROPS (Qualifying Recognised Overseas Pension Scheme) are now available and mean that those who are or will be non UK-resident can transfer UK pensions without tax deduction and ultimately draw them without UK tax liability.

QROPS

A pension scheme set up outside the UK, with many residing in low tax jurisdictions or in countries that have more generous tax-free lump sum rules, and/or no ultimate requirement to use any pension fund to buy an annuity as in the UK. This has a major benefit of gaining the ability to leave remaining pension funds to heirs. UK expatriates around the world and foreign workers who have spent part of their career in the UK and have accumulated UK-registered pension benefits will benefit greatly from QROPS? In order to be an eligible scheme, the QROPS must be fully approved by HMRC.

Qrops Advice

QROPS Adviser gives the best advice by means of not just telling you about the benefits, but also any potential pitfalls you should consider. That's where our free review service becomes invaluable in helping you decide if QROPS is the best thing for you and your future plans.

 

After you have read through the rest of our site, we suggest you contact us for a discussion relating to all the points you should consider dependent on your personal circumstances.