QROPS Qualifying Recognised Overseas Pension Schemes

A Qualifying Recognised Overseas Pension Scheme, or QROPS, is an overseas pension scheme that meets certain requirements set by Her Majesty's Revenue and Customs (HMRC). A QROPS can receive transfers of UK Pension Benefits without incurring an unauthorised payment and scheme sanction charge. The QROPS programme was launched on 6 April 2006 as a direct result of EU human rights legislation with regards to freedom of capital movement.

A QROPS can be appropriate for UK citizens who have left the UK to emigrate permanently and intend to retire abroad having built up a UK pension fund. Alternatively, a person who is born outside the UK having built up benefits in an HMRC-approved UK pension scheme can move their pension offshore if they want to retire outside the UK. UK state pensions cannot be transferred, but defined contribution, defined benefit pension schemes and SSAS can be transferred abroad. A QROPS does not have to be established in the country you retire in, rather you can move your pension to a tax efficient jurisdiction and have your pension paid into the country of your choice.





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For more information visit http://wealthmanagementhongkong.com/qrops-qualifying-recognised-overseas-pension-schemes/