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QROPS (Qualifying Recognised Overseas Pension Schemes)

QROPS - A Qualified Recognised Overseas Pension Scheme (QROPS)

A QROPS is an overseas pension scheme that HM Revenue & Customs (HMRC) recognises as being eligible to receive transfers from registered UK pension schemes. QROPS allows anyone with a UK pension who is living outside the UK, or is intending to leave the UK, to transfer their UK approved pension offshore without the deduction of UK tax.

There are a number of benefits in using a QROPS:

  • Taxation. QROPS Income can be taken from your pension in a more tax efficient way.
  • Greater investment choice. Using a QROPS you have more control over where the money in your pension is invested.
  • There is no need to purchase an annuity with a QROPS.
  • QROPS Income can be taken in a currency of your choice.
  • Upon death the unused funds in a QROPS will pass onto your beneficiaries free from tax.