QROPS

QROPSQROPS - A QROPS is a Qualifying Recognised Overseas Pension Scheme.
  • It is an overseas pension transfer for expats approved by UK HMRC where overseas pension schemes have been approved to accept transfers in from UK based pension schemes.

Where can you get a QROPS? 

  • There are many countries that have pension schemes approved (QROPS) for accepting pension transfers in. Most of Europe, most of the main English speaking expat destinations such as Australia, Canada all have QROPS. 
  • Even offshore havens such as Guernsey and the Isle of Man have QROPS schemes. So even if you are moving to Spain, you can transfer your pension via QROPS either into Spain or into say Guernsey or the Isle of Man.
  • Care needs to be taken as tax treatment locally is different for different types of pension and in different countries.

Advantages of QROPS:

  • HIGHER LUMP SUM - may offer expats a higher cash lump sum
  • SAVE TAX - expats may pay less or even no tax where you live
  • SAVE 55% TAX  - does not have a 55% charge on death after 5 years of non-UK residence when in capped drawdown income
  • BIGGER LEGACY - 100% of pension fund can be paid to beneficiaries unlike the UK where some or all of the fund could be lost

For more help with QROPS pension. Contact us.