What is a QROPS?

In April 2006, the UK tax authorities (HMRC) amended their pension legislation to allow non-UK residents (or those with plans to leave the UK) to transfer their UK pensions overseas. The rules state that the scheme receiving the UK pension must be a Qualifying Recognised Overseas Pension Scheme (QROPS).

To be classified as a QROPS the overseas scheme must meet certain requirements. These are linked to the operating jurisdiction of the QROPS and include how and when benefits are payable and membership eligibility.

Although a QROPS must be registered with HMRC, the ongoing running of the QROPS and its compliance with HMRC rules is the responsibility of the QROPS Trustees.

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