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"What are QROPS? QROPS is an acronym for Qualifying Recognised Offshore Pension Schemes as acknowledged by the Her Majesty’s Revenue and Customs (HMRC). They came into effect in the pension simplification regulations of April 6 2006. The aim of this area of the legal guidelines was to enable a UK pension plan holder to move their funds overseas every time they retire to another one QROPS jurisdiction.

So who should think about a transfer to a QROPS?

Anyone with a UK pension plan who seems to be either preparing to move in another country or perhaps already looking to move offshore whether or not your pension is presently in payment or not. What's more those expatriates who have built up UK pension plan benefits can also think about QROPS transfer.

Exactly what are the potential benefits to this kind of transfer? This list is by no means inclusive although the most desired reasons are;

1. To have your pension plan paid in the same currency that you live in so to steer clear of the erosion of your income as currency prices change.

2. Ability to avoid UK income tax on your pension plan income which, dependant upon your country of residence will mean you have to pay a lower rate of tax and so get more money.

3. To never need or be forced to buy an annuity, this means you can receive your pension income as the way you see fit.

4. To be able to pass on your remaining pension fund to your loved ones on your death. Rather than pay 55% in tax to the British Government.

5. More significant investment selection and flexibility which means you’re able to increase your fund growth.

Who should you entrust your money with?

You should consider 3 key points as part of your own due diligence;

1. Be sure to are using a company who has experience in the marketplace.

2. Ensure that your advisor does a full transfer analysis, taking into consideration the positives and negatives of a transfer including costs, jurisdictions and tax factors.

3. Due to the complicated nature be sure the advisors are qualified to the industry standard to QCF Level 4. Anyone without these accreditations will never be doing you justice. There are lots of QROPS jurisdictions where you stand able to find a HMRC authorized plan, including Malta, Jersey and the Isle of Man. Having said that there are a number of rules that have been brought in during April 2012 by the UK Government which has had a severe impact on the number of schemes which qualify under the new HMRC rules.

HMRC felt that although numerous schemes were meeting with the letter of the law nevertheless they weren't in the spirit of the law. Guernsey schemes happen to be in particular horribly hit as schemes registered up until April 2012 allowed non-residents to pay no taxes on the policies while residents were forced to pay taxes. This really is in contravention of the new rules and thus 310 out of the 313 rules have been taken off the recognized list.For additional information on QROPS along with the ongoing modifications to the schemes please contact us at