What is a QROPS?

QROPS are Qualifying Recognised Overseas Pension Schemes which meet the HMRC rules to be regarded as a QROPS.

To be regarded as a QROPS the scheme must be regulated as a pension scheme in the country it is established or if no such regulated body exists the following conditions need to be met:

(a) the scheme is established in a Member State of the European Union, Norway, Iceland or Liechtenstein; or
(b) the scheme rules provide that at least 70% of the funds transferred must be used to provide the individual member with an income for life payable no earlier than the normal minimum pension age (unless in ill health).

Compared to general UK pension rules, a QROPS could offer you these advantages (subject to local pension rules):

• You’re not obliged to buy an annuity.
• It could reduce, or completely avoid, the income tax payable on the income from your pension.
• If you die, your family will be able to inherit your pension benefits free of UK inheritance tax.
• A wider choice of investment opportunities – particularly useful if you want to invest in assets which reflect the currency and inflation factors where you plan to retire, rather than UK-biased choices.
• Only 70% of your transferred fund must be used to provide you with an income for life.
• No restrictions on fund size (in the UK the limit is currently £1.8 million for the 2010/11 tax year).

The attached brochure from Royal Skandia gives a very good overview of the scheme and what it may mean for you. Please contact me if you have any more questions.

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