QROPS

Any member of a UK registered pension scheme (whether UK resident or resident abroad) has the potential ability to transfer his/her benefits to an overseas pension scheme - provided that the registered pension scheme rules so permit and the rights do not derive from an insured annuity contract. Providing the transfer is made to an overseas pension scheme which has Qualifying Recognised Overseas Pension Scheme (QROPS) status then this transfer can take place without HMRC levying “unauthorised payment” penalties on the transfer.

If a QROPS is suitable for an individual the choice of jurisdiction and provider is key to maximising their position.

Nigel Sloam & Co is not tied to any particular QROPS jurisdiction and can provide advice according to an individual’s requirements free of such bias. Indeed, in some cases retaining an individual’s pension benefits within the current UK registered pensions scheme may be appropriate.

In addition, Nigel Sloam & Co is not tied to any particular QROPS provider and assesses each trustee and operator on its merits – including pension knowledge and experience, technical and administrative expertise, flexibility of contracts, member safeguards and control and approach to trusteeship.

Our services in relation to QROPS include:-

  • An initial review and assessment on the suitability of an individual’s exiting pension arrangements and the prospect of transfer to a QROPS.
  • If a QROPS is appropriate, consultancy services in the selection of jurisdiction and provider.
  • Assistance in managing the transfer from the UK Registered Pension Scheme to the QROPS – and associated administration.
  • On-going pensions consultancy once the QROPS has been established – in relation to the ongoing impact of UK regulations, benefit drawing, investments and death benefits (as appropriate).

We also provide consultancy services to those who have already transferred benefits to pension schemes which have or have had QROPS status but are now seeking alternative professional advice.