QROPS Advice & Pension Transfer Guide
Non-residents can transfer their assets from an existing UK pension scheme into an HMRC recognised scheme abroad.
You can do this with most pensions providing you're living outside of the UK, or intend to be within the next 6 months.
What are QROPS? QROPS stands for a Qualifying Recognised Overseas Pension Scheme.
Introduced in April 2006, a QROP Scheme is an HMRC-recognised offshore pension scheme that allows non-UK residents to transfer their UK private/company pension offshore, tax free.
QROPS Tax Implications
There are various tax implications involved with transferring your pension overseas.
These can be split into three distinct sections: the first five years after transfer, the following years, and tax on your estate.
A Self-invested Personal Pension (SIPP) is a government approved personal pension plan that is distinctly different from a private pension.
SIPPs allow for a greater range of investments however for expats the benefits of QROPS generally outweigh those of SIPPs.