Qualifying Recognised Overseas Pension Schemes
No Lifetime Allowance
Your pension will pass to your family
Less tax on your pension benefits
Pension paid in currency of your choice
Protection from creditors in the event of a divorce
Frequently asked questions
Questions about QROPS
What types of pension can I transfer to a QROPS?
Most types of pension schemes can transfer where there is a transfer value (e.g NOT UK State Pensions). The exception: unfunded public sector schemes such as NHS pensions.
Will I have to pay UK taxes?
A pension scheme in the UK will deduct tax at source on pension income paid. Unless there is a double taxation agreement in place where you now live and HMRC agrees to pay gross and provides a tax code.
Can I take my pension in US dollars?
Pension schemes such as SIPPS can pay benefits in multi-currencies.
Is there a minimum amount I can transfer to a QROPS?
How long does it take to transfer a pension?
This depends on the type of transfer and the parties involved. A rule of thumb is 4-12 weeks.
Is flexible drawdown available?
Defined contribution pension schemes can offer flexible drawdown. It depends on providers rules. You may need to transfer your pension to get this.
Are QROPS suitable in the USA?
USA residents can use QROPS. But, they will be subject to the 25% transfer tax introduced by the UK government. This is where the transfer is outside the EEA and not within the country where you live.