QROPS Pension

QROPS Pensions are schemes created to accept UK pension transfers. QROPS stands for Qualifying Recognised Overseas Pension Scheme. This means that the QROPS pension scheme is recognised by the HMRC as meeting the qualifying QROPS rules and is an overseas pension scheme.

It is important to understand that a QROPS is not a product; it is a piece of legislation created by the UK HM Revenue & Customs. The QROPS status can only be given to a recognised overseas pension scheme, in other words, there has to be an active underlying pension scheme first.

For example, there is a number of Self Invested Personal Pension or SIPP for short that also have the QROPS status. These schemes were originally just SIPP pension schemes, than they met the qualifying rules laid out by the HMRC and applied to be a QROPS.  Remember only non UK pension schemes can be a QROPS.

QROPS Schemes

QROPS have been set up by many different types of businesses, from small trust companies with budget offices and staff to expert pension divisions of multinational merchant banks. With this is mind it can easily be imagined that these schemes at either end of the spectrum will have massively different operational methods, customer service and support.

It’s the underlying pension scheme that is important. With your QROPS pension staying with you for the remainder of your life, the ongoing running of your pension scheme, member support and service and most importantly of all, the peace of mind that will come from knowing your money is being well looked after, will play a much larger role then the costs.

QROPS Adviser has researched and conducted due diligence into all QROPS providers in the HMRC QROPS list. Knowing the foundational structure that the QROPS has been built on allows us to offer the very best QROPS advice. With the charging structures of different providers varying greatly, it can be difficult to distinguish the cost effective schemes from the bad ones, while looking for a level of service you will want.

QROPS Adviser has done all this work for you. We have taken away the hassle and confusion in finding the best QROPS solution available, and have driven down the costs by negotiating preferential charging structures for our clients.

Pensions have always been seen as a notoriously complex financial planning area. It is extremely important that you receive advice from a reputable company that has strict regulations.

To find out more about available QROPS Pensions Schemes or to discuss your current plans and advice on QROPS transfers, simply fill out the contact form on the contact QROPS Adviser page or email us direct.