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What are “QROPS” ?

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What are “QROPS” ?

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From April 2006 HMRC introduced the concept of Qualified Recognised Overseas Pension Schemes or (QROPS) as a domestic recognition that an overseas pension meets UK criteria. However, even though a small number of US pension schemes have applied for QROPS status they are not permitted by the IRS to receive a transfer from the UK (reference HMRC-RPSM14101050).

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QROPS stands for a Qualifying Recognised Overseas Pension Scheme. Introduced in April 2006, a QROPS is an HMRC-recognised offshore pension scheme that allows non-UK residents to transfer their UK private/corporate pension offshore, tax free.

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