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QROPS: Advantages and Disadvantages of Transferring Your UK Pension

At times, people living and working abroad do not wish to settle there and come back to their native country. In such scenarios, moving their pension overseas is ideal. While the schemes vary for different countries, transferring their pension or term policy options to a Qualifying Recognised Overseas Pension Scheme (QROPS) is a popular option available to UK employees.

What is QROPS?

Approved by HM Revenues & Customs (HMRC), a Qualifying Recognised Overseas Pension Scheme (QROPS) is an overseas pension plan for individuals who worked in the UK, made contributions to the UK pension schemes and now want to move back to their native countries. The individual can transfer this pension corpus to a pension scheme, which is registered as QROPS. These transfers are called as recognised transfers and are usually made without tax deduction provided the member meets certain criteria.

In order to receive HMRC approval, you must meet the following requirements:

The term policy must be recognised for tax purposes by the equivalent tax authority of the country where it is based

The scheme must be recognised by an appropriate locally-based regulator so that the administration can be monitored accordingly

Retirement benefits are not allowed before the age of 55.  

The scheme must be based in an EU member state/country where the UK has a tax information exchange agreement

What are the advantages and disadvantages of QROPS?

Now that we know what QROPS mean, here are the advantages and disadvantages of the same.

Advantages

Ability to have all your pension funds at the place where you reside instead of spread across different jurisdictions

Pension drawn can be from the age of 55 years

QROPS are offered with attractive benefits

Flexible access to funds without obliging to purchase an annuity

Transfer to a varied range of currency options available

Access to a range of investment options

Favourable tax treatment in the country you reside

Disadvantages

An overseas tax charge of 25% is to be incurred when opting for QROPS

Benefits provided under QROPS may not match in comparison to UK pension

Added cost in the form of advisor’s fees and charges

Fluctuations in the exchange rate if the QROPS is not based in your resident territory

Before you plan to transfer your UK pension to QROPS, it is strictly advisable to seek the guidance of a pensions expert to understand if this move is suitable for you.  

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Not Declaring Correct and Complete Details Biggest Mistake While Buying Term Insurance

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