QROPS Providers
There are literally hundreds if not thousands of Qrops providers which operate out of a wide variety of Qrops jurisdictions that can accept pension transfers.
HM Revenue & Customs has a list of QROPS providers, updated twice a month, which indexes the companies around the world, from Australia to Switzerland, which have been allowed to operate QROPS pension schemes. So when looking at QROPS providers, it is important to only use those that have been approved 100 percent by HM Revenue & Customs. Even so, HMRC stress that this is not to be taken as a recommendation for any particular scheme or product.
To get onto this list, those overseas pension providers must have presented the right information to adequately meet the requirements laid down by HMRC. This does not mean to say that HMRC has verified the details of the application 100 percent as yet. Once scrutinised however, if they are found to not comply with the conditions set out then they will be stripped of their QROPS status and removed from the list. This may leave both the scheme administrator and the member liable for unauthorised payment surcharges.
It is for this reason that it is essential to make sure you use a reputable QROPS adviser to intermediate the QROPS transfer between the UK and any foreign overseas pension schemes. Both the QROPS jurisdiction and the scheme you choose to move your pension to should be decided with the help of an experienced professional during a face-to-face meeting.
A QROPS adviser will be able to go through all the advantages and disadvantages of each scheme and help you discover which arrangement suits your own personal needs best. Only employ the services of a broker who has a UK Financial Services Authority license which means they are tightly regulated and correctly qualified and therefore aware of which schemes should be avoided.
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.
