Glossary · UK
What is QROPS Transfer?
Transferring a UK pension to a Qualifying Recognised Overseas Pension Scheme.
Full Definition
A QROPS (Qualifying Recognised Overseas Pension Scheme) transfer moves UK pension benefits into an overseas pension scheme that meets HMRC's recognition conditions, typically used by people permanently emigrating or already living abroad. QROPS must report certain transactions to HMRC for ten years after a transfer, and transfers can trigger the overseas transfer charge unless a specific exemption applies (such as the member and the scheme being in the same country, or both being within the EEA in some cases). Advice from a regulated cross-border pension specialist is strongly recommended given the tax and scam risks involved.
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Disclaimer: Definitions are for guidance only. For decisions about your tax, savings, property or pension situation, always consult a qualified professional or refer to gov.uk.