Finances AbroadMaking the complicated simple!

Created in 2006 to simplify the pensions system, a QROPS, or Qualifying Recognised Overseas Pension Scheme, is a pension transfer scheme that is based in a jurisdiction outside of the UK but is recognised by HMRC. It follows the same standards, or equivalent, as a UK pension.

Most pensions can easily be transferred into a QROPS, as long as the overseas scheme is registered with HMRC and is fully compliant with the standards of the jurisdiction it is domiciled in. A pension can be transferred as long as an annuity has not been purchased, it’s a final salary scheme, and the pension has not commenced. You cannot transfer British Government or State pensions.

There are currently more than 3,500 QROPS schemes around the world. (May 2015)

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