What is QROPS?
A Qualifying Recognised Overseas Pension Scheme (QROPS) is a
HMRC-recognised pension transfer scheme that is based in a
jurisdiction outside the UK but still keeps the same standards or
equivalent as a UK pension.
If you are thinking of moving away from the UK but have a local
pension, then those savings are easily transferrable into a QROPS,
provided that the overseas scheme of your choice is registered with
HMRC and fully compliant with the standards of the jurisdiction it
is domiciled in. The popularity of QROPS schemes has risen
considerably following the introduction of new pension rules in
2006 by HMRC.
Why should I choose a QROPS?
A QROPS provides you with more control over your pension fund
investments. With a QROPS you can also combine various smaller
pensions into one large pot. Additionally, you can even do away
with purchasing an annuity thanks to this scheme.
QROPS will also let you bestow the rest of the fund to your
beneficiaries without any deduction of UK tax upon death, as long
as you have spent five years or more living outside the UK.
Is a QROPS suitable for me?
If you have left the UK or are planning to leave, then a QROPS
is almost certainly likely to be suitable for you. That being said,
it is always essential to consult a professional and get the advice
you need before taking steps to set up a pension transfer. Here at
deVere Group, one of our professional independent financial
advisers will be assigned to you to assess your financial and
personal situation. That way he or she can ensure that the scheme
of your choice is the best one for you and fully compliant with
HMRC rules and standards.
What are the key benefits of a QROPS
through the deVere Group?
The deVere Group is the market leader in the field of QROPS
pension transfers. The benefits of booking into a QROPS through
deVere Group include:
- Consolidation of multiple pensions
- Flexible choice of currency
- Funds fully conferred on to heirs after death (after five full
years of non-UK residence)
- Investment flexibility and freedom
- No obligation to buy an annuity
- Possibility to allay UK income tax or death charges of up to
- Safe and well-regulated jurisdictions
- Transparent charges
- Up to 30% pension initial lump sum (see rules of residence
Which is the best jurisdiction for
The QROPS jurisdiction you choose will vary depending on your
individual requirements - however, deVere Group highly recommends
Malta and Gibraltar. Malta is an integral member of the EU, with a
highly-regulated banking sector and a fully transparent tax system
while Gibraltar's links with the UK make it subject to EU rules
For a pension review with no obligation, or to learn more about
QROPS and how it can help you, speak to a deVere Financial Adviser