QROPS Explained

Tue, 30 Jun 2009 00:00:00 -0400

QROPS are Qualifying Recognised Overseas Pension Schemes and consist of a foreign pension scheme which has been approved by Her Majesty�"'""s Revenue & Customs to accept pension transfers from the UK. A QROPS offers enormous financial benefits for ex-pats now living or planning to live out their retirement abroad. A wide variety of UK pensions can be passed over into a QROPS. These include personal pensions, occupational pensions, stakeholder pensions, self invested personal pensions (SIPPs) and pensions used for contracting out of state earnings related pension schemes (SERPS). If your pension is currently in draw down and benefit payments are already being taken you can still transfer your pension into a QROPS as long as you are receiving alternatively secured or unsecured income and providing the QROPS supplier is willing to accept this type of transfer. However, if you have already purchased an annuity or are currently receiving payments from your pension in an occupational final salary scheme then unfortunately you can not transfer your pension into a QROPS. **End Summary** Topics: qrops]]> qrops transfers]]> qrops providers]]> qrops rules]]>]]> About the Author: ]]> Roberto Rodriguez is a regular contributor to Qrops-Explained.com which contains information on QROPS Providers and provides useful advice on QROPS Pensions and QROPS Rules

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QROPS Explained