HMRC have altered the wording of their previous QROPS list to clearly highlight that pension plans listed are not qualified and are therefore only Recognised Overseas Pension Schemes (ROPS). Going forward the HMRC QROPS list will now be known as the HMRC ROPS list instead.
The fact that the list is not qualified has always been the case and is nothing new. As mentioned previously, the QROPS list had always been self certified with HMRC specifically not endorsing or recommending any scheme’s suitability. Pension schemes could also fail the qualification criteria under further examination resulting in unauthorised payment charges. On the flip side, not all QROPS schemes were included which is still the case.
There have been no rule changes, instead the wording of the HMRC ROPS list has been made so that the points are clearer. As an example, pension liberation, accessing your pension prior to the minimum retirement age of 55, is now highlighted as an act which will attract tax charges in all but the most exceptional cases. Again, this was always the case.