QROPS | Gladstone Morgan Company

QROPS (Qualifying Recognised Overseas Pension Scheme)

QPROS - Glastone Morgan
The Finance act of 2004 made it possible with effect from April 2006, for UK pensions to be transferred to any overseas pension scheme. The scheme has to be registered with HMRC as a QROPS.
Qrops are overseas pension schemes which satisfy rules and regulations laid down by the UK Legislation. Prior to 2006 it was generally only possible for a person to transfer his or her UK pension to an overseas pension Scheme located in the person’s new country of residence. This restriction was removed as a consequence of the change in UK pension’s legislation in 2006. This not only enables an individual to freely transfer a UK pension overseas, it also gives choice over where to transfer a UK Pension
When considering whether it is appropriate for a client to transfer their UK pension arrangement to a QROPS, it is essential that the current UK options and restrictions are understood.
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