What is a QROPS?

QROPS stands for Qualifying Recognised Overseas Pension Scheme and is an international pension scheme based outside of the UK but still registered with Her Majesty’s Revenue and Customs (HMRC). It was introduced on 6th April 2006 which was also known as A-Day.

Frequently Asked Questions

Transfers to QROPS after the 9th March 2017 will only be subject to a 25% tax charge if both the individual and the QROPS are in a different country. This doesn’t leave many options available.
Unfortunately not. You can only transfer your pension to schemes which are recognised by HMRC. Anything that isn’t could be subject to a 55% penalty. There are a number of different QROPS available in different countries so depending on where you live will depend on what you can do.
HMRC has helpfully setup a fraud squad to deal with these issues and most have disappeared with the tightened regulations in 2015.

QROPS stands for Qualifying Recognised Overseas Pension Scheme

Find out the answers to more questions…

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Cease UK Regulations

Upon transferring to a QROPS, your pension will cease to be governed by the regulations of the UK and your pension will be paid gross of tax from the UK also.

UK Lifetime Allowance

QROPS removed the effect of UK Lifetime Allowance (LTA) tax which is currently £1m. The tax occurs on transfer and is not tested again like it is in a SIPP.

Death Tax

Death tax refers to the tax your beneficiaries will pay when you pass away. Pensions don’t fall under your estate which means you don’t pay Inheritance Tax (IHT), so instead you pay what they call “Death Tax”. With a QROPS you will potentially pay no taxes upon death, depending on certain criteria.

Invested a lump sum and transferred my pension with SJB Global last month. Happy so far and looking forward to seeing how the investments perform. I was really impressed with the process and explanation of complex terminology.

Barbera Louis

Having previously gotten cold feet after almost going through with the transferal of my UK private pension to a QROPS with another wealth management company who, for a number of (good) reasons I felt uneasy with, I decided to look independently for an alternative adviser and was fortunate to come across Sam Barber quite by chance. Thanks to his endless patience in answering all of my questions and his excellent support throughout the entire process (which seemed very daunting initially), I am now confident that my future pension is in the best hands. He has put my mind at rest over so many issues and my initial lack of trust in such financial institutions has fully dissipated since becoming his client. I have no hesitation in recommending Sam to anyone who is even just considering transferring a pension out of the UK. He will not talk you into anything that you are unsure about and no question is too stupid. He knows what he’s talking about, gives sound advice and is 100% reliable. There are without doubt many sharks out there – happily Sam is not one of them.

Alia Harrison

I transferred my pension 6 months ago after speaking with a number of advisers in relation to my enquiry. Having initially being overwhelmed with the ordeal, Sam made me feel at ease with the whole process. And on our first semi annual review I am very pleased with the performance and feel like I have made the right decision. I would recommend SJB global to any expat who is looking to transfer their pension.

Jade Bolton

I started the process of finding information out about how to transfer my UK pension overseas and got a bit lost with it all. After sending out a few inquiries, I decided to go with Jake as I found his advice and costs to be completely transparent. The other 2 advisers had recommended me a QROPS and Jake said I was best suited to transfer to a SIPP and sent me links to authoritative websites to back up his reasons. I would recommend Jake to anyone who is looking for transparent advice.

Salvador Iglesias

Invested a lump sum and transferred my pension with SJB Global last month. Happy so far and looking forward to seeing how the investments perform. I was really impressed with the process and explanation of complex terminology.

Barbera Louis

Having previously gotten cold feet after almost going through with the transferal of my UK private pension to a QROPS with another wealth management company who, for a number of (good) reasons I felt uneasy with, I decided to look independently for an alternative adviser and was fortunate to come across Sam Barber quite by chance. Thanks to his endless patience in answering all of my questions and his excellent support throughout the entire process (which seemed very daunting initially), I am now confident that my future pension is in the best hands. He has put my mind at rest over so many issues and my initial lack of trust in such financial institutions has fully dissipated since becoming his client. I have no hesitation in recommending Sam to anyone who is even just considering transferring a pension out of the UK. He will not talk you into anything that you are unsure about and no question is too stupid. He knows what he’s talking about, gives sound advice and is 100% reliable. There are without doubt many sharks out there – happily Sam is not one of them.

Alia Harrison

I transferred my pension 6 months ago after speaking with a number of advisers in relation to my enquiry. Having initially being overwhelmed with the ordeal, Sam made me feel at ease with the whole process. And on our first semi annual review I am very pleased with the performance and feel like I have made the right decision. I would recommend SJB global to any expat who is looking to transfer their pension.

Jade Bolton

I started the process of finding information out about how to transfer my UK pension overseas and got a bit lost with it all. After sending out a few inquiries, I decided to go with Jake as I found his advice and costs to be completely transparent. The other 2 advisers had recommended me a QROPS and Jake said I was best suited to transfer to a SIPP and sent me links to authoritative websites to back up his reasons. I would recommend Jake to anyone who is looking for transparent advice.

Salvador Iglesias

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