Glossary · UK
What is Qualifying Recognised Overseas Pension Scheme (QROPS)?
An overseas pension scheme that meets HMRC criteria to accept transfers of UK registered pension savings.
Full Definition
A Qualifying Recognised Overseas Pension Scheme (QROPS) is a pension scheme based outside the UK that HMRC has approved to receive transfers of UK pension benefits. The scheme must meet certain requirements set out in the Pension Schemes (Categories of Country and Requirements for Recognised Overseas Pension Schemes and Recognised Overseas Individual Pension Schemes) Regulations. Transfers to a QROPS made from 9 March 2017 may be subject to an Overseas Transfer Charge (OTC) of 25% unless an exemption applies (e.g. the individual and scheme are in the same country, or the scheme is in the EEA and the individual is resident in the EEA). QROPS are listed on the HMRC website. The UK pension benefits that can be transferred include those from occupational schemes and personal pensions but not the State Pension.