What is QROPS?
A QROPS (Qualifying Recognised Overseas Pension Scheme) is a
pension transfer scheme that is based in a jurisdiction other than
the UK but is recognised by HMRC and follows the same standards or
equivalent as a UK pension. Most expat UK 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. QROPS' profile was
increased after HMRC introduced a series of new pension rules on
6th April 2006.
Why should I choose a QROPS?
Putting your pension into a QROPS will give you a greater level
of control over the way your pension fund is invested. You can
consolidate a number of different pensions into one QROPS pot and
you will not have to buy into an annuity.
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?
A QROPS is suitable for most people who have a UK pension but
have left the UK or are planning to leave. However, seeking
professional financial advice before taking any steps towards a
pension transfer is always highly recommended. An independent
financial adviser will assess your financial and personal situation
and ensure that the scheme you choose is suitable 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