What is QROPS ?
A QROPS (Qualifying Recognised Overseas Pension Scheme) allows individuals to transfer their UK pension into another country (jurisdiction). If you are a UK national that has expatriated or intends to expatriate in the next 12 months, transferring your pension into a QROPS is a good option to consider.
Additionally, if you have worked in the UK as a foreign national and have since moved away from the UK, it is likely to be in your interests to transfer your pension to a QROPS.
A QROPS is a pension scheme based outside the UK and designed for British expats with a UK pension.
Transferring a UK to a QROPS offers many benefits including tax relief and increased control over your UK pension.
There are certain criteria that need to be met before transferring your UK pension to a QROPS.
QROPS costs vary from one scheme to another based on the jurisdiction, service provider and particular fund you have chosen.
A QROPS offers the individual a wide range of investment options but there are tax implications to consider.
When transferring your UK pension to a QROPS, you will need to understand the manner in which assets are handled by a QROPS.
The best jurisdiction for transferring your UK to a QROPS varies on a case-by-case basis. It depends on the size of the QROPS as well as the client’s own preferences.
Here is an extensive list of QROPS frequently asked questions and answers (QROPS FAQ).
We suggest that you contact a QROPS specialist to talk through your options.
QROPS Guide Download