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QROPS Pension Transfer - UK Pension Transfer Specialists

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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 55%
  • Safe and well-regulated jurisdictions
  • Transparent charges
  • Up to 30% pension initial lump sum (see rules of residence above)

Which is the best jurisdiction for QROPS?

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 and regulations.

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 today.

Learn more about QROPS


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'The information contained in this Site is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved and your country of residence. Before making any decision or taking any action, you should consult a deVere Group Financial Advisor.

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