QROPS List
Since April 2006, when measures were brought in to simplify pensions by the UK government, pensions transfers to overseas pension schemes are able to be processed in a similar way as a transfer to a UK scheme. This is provided that the receiving scheme is a Qualifying Recognised Overseas Pension Scheme which means it is recognised by HM Revenue & Customs. For this to happen it must also be a regulated pension scheme in the country in which it was established and be recognised for tax purposes.
When a UK pension scheme receives notification that a member via an intermediary such as a QROPS adviser wishes to initiate a QROPS transfer, they must first check that the chosen foreign pensions have QROPS status by checking on the HMRC´s list. This QROPS list is updated twice a month and indexes schemes from jurisdictions all over the world, from the Isle of Man to New Zealand. However being on the list does not automatically assure the quality of the scheme.
This is because to apply to become a QROPS provider, the overseas schemes must send in information showing that they meet the HMRC´s requirements. They will be put on this list if they confirm to these requirements, although their application may not be checked in depth until a later date. If after close scrutiny they are found not to match up to HMRC standards they will be removed from the list and the QROPS status immediately revoked. It is for this reason that it is always advisable to consult a FSA approved QROPS adviser who will be aware of which schemes are considered the safest.
Click here to see the list of HMRC Approved QROPS Providers
For further information on QROPS transfers and for a qualified QROPS adviser to contact you, simply fill in your details in the contact a QROPS adviser page to receive free QROPS advice.
