What is a QROPS

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;

  1. You must intend to be live outside of the UK in Spain or another country for 10 years or more
  2. Confirm you have not yet taken an annuity from your UK pension.
  3. You hold existing UK pension/s
  4. 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?
  5. Is the QROPS an HMRC approved scheme? Check here for more information; http://www.hmrc.gov.uk/PENSIONSCHEMES/qrops.pdf

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