What is a QROPS? – A QROPS, or Qualifying Recognised Offshore Pension Scheme is a UK government approved offshore pension scheme whereby you can transfer your UK pension/s into a more tax efficient pension fund.
Before deciding on transferring into a QROPS you must ask a number of questions;
- You must intend to be live outside of the UK in Spain or another country for 10 years or more
- Confirm you have not yet taken an annuity from your UK pension.
- You hold existing UK pension/s
- Is the QROPS that you are looking to transfer your pension into is it taxed and regulated in the jurisdiction in which it’s registered?
- Is the QROPS an HMRC approved scheme? Check here for more information; http://www.hmrc.gov.uk/PENSIONSCHEMES/qrops.pdf
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