These are ideal for people that have left the UK, and have no intention of returning to the UK. A QROPS is a pension scheme that it is allowed by HMRC to be transferred to a foreign scheme. To qualify, the pension must meet certain criteria and be registered by the HMRC. A recent rule change has meant that any non-EU residents face having to pay a tax charge of 25% of the value of the pension fund which has meant that this structure is unsuitable unless the individual is living in Europe.
QROPS have risen in popularity since the new UK pension regulations came into force in April 2006, but they are a complicated financial product needing specialist advice. Here at IIMG, we are able to offer you clear guidance on the best way to deal with QROPS and how to proceed with one.
We have put together a few commonly-asked questions and their answers to help you decide if a QROPS is for you.