What are QROPS?

QROPS stands for Qualifying Recognised Overseas Pension Scheme.

To become a QROPS a scheme must fulfill requirements set down by Her Majesty's Customs and Revenue (HMRC).

Simply put a QROPS is an overseas pension into which UK pensions can be transferred.

QROPS are designed for individuals who reside or who intend to reside outside of the UK.

As of April 2006 UK pension legislation was relaxed making it very simple for UK pension holders to take their pensions overseas with them.

What are the benefits of transferring my UK pension into a QROPS?

For many UK pension holders QROPS allows them to get more out of their UK pension.

• Greater control over where your pension fund is invested
  
  
• Greater flexibility over when and how you access your pension
  
  
• Tax efficiency you may be able to substantially reduce the tax that you would have to pay when accessing your pension
  
  
• Your pension pot can pass on to your beneficiary upon death
  
  
• Simplicity - numerous pensions can be consolidated in one QROPS