Articles
Qualifying Recognised Overseas Pension Schemes (QROPS)
by Alex Paul Digital Marketer
On
the 6th April 2016 Her Majesties Revenue & Customs (HMRC)
introduced something called QROPS, an acronym for Qualifying Recognised
Overseas Pension Schemes and was an approval process whereby HMRC would
recognise a pension fund in another country and in appropriate
circumstances allow a transfer of a UK qualifying pension scheme to that
particular plan.
Since 2016, QROPS rules have changed and
developed numerous times and a many of the original overseas retirement
plans with QROPS status have now been removed from the HMRC approved
list.
Again, the reasons for this are numerous, but there still
exists opportunities to transfer your pension should you be living
overseas.
These opportunities could include a local plan if it
has what is now known as ROPS (Recognised Overseas Pension Scheme)
approval and various qualifying standards apply.
Our advice to
people considering transferring their pension overseas is that they must
take personal advice, particularly where a client lives in an overseas
territory that does not have a local ROPS approved pension plan as there
may be other alternatives that available.
In the USA or France
or example, there are no ROPS approved plans, so we developed two UK
Self-Invested Personal Pension arrangements called AMVE$T and €uVEST;
in both cases these plans largely mirror the pension benefits offered
from local plans in both those countries with underlying investment
funds and ultimate benefits denominated in US dollars and €uro’s
respectively. Both of these plans are as tax efficient as possible using
current tax treaty allowances.
For more information about this complicated picture and QROPS in the USA, please contact us.
One
final word of warning the transfer of any pension from the UK to
overseas must be overseen and certified by an FCA regulated UK adviser.
Do not deal with firms who are not UK regulated by the Financial Conduct
Authority.
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About Alex Paul Digital Marketer
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Joined APSense since, June 10th, 2020, From London, United Kingdom.
Created on Jul 14th 2020 08:57. Viewed 341 times.
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