Qualified Recognised Overseas Pension Schemes (QROPS) are HMRC approved UK pensions based abroad. They are available to those who hold UK registered pensions but no longer reside in the United Kingdom, irrespective of their nationality.

Why transfer your pensions abroad?

QROPS advantages range from being liable for less tax to higher levels of security. Weighing these up against the potential pitfalls may mean that transferring your pension is advantageous to you.

Pension rules

Moving your pension into a QROPS will result in it being governed by a new set of HMRC approved regulations. This will be instead of the uk rules governing your existing pension(s).

What is the process for transferring your pension(s)?

The first stage is to gather all your pension documents together. Then the process depends upon whether the pensions you hold are defined contribution (money purchase) plans, defined benefit (final salary) plans, or a combination of the two.

Here at Liberty Wealth we are proud to announce our latest downloadable guide – the QROPS Transfer Process Guide. In this, you will be taken through, step by step, each stage of the process of transferring UK based pensions into a QROPS. By being fully informed you can feel confident on how it works – including timeframes, what is needed from you and what will be provided by us.

QROPS Pension Transfer Guide. Exact steps involved in the process of transferring a defined benefit or defined contribution pension scheme (British based) into an HMRC approved Qualified Recognised Overseas Pension Scheme. The list of steps includes areas on inheritance tax planning, tax efficiency, investments, and all forms required.