QROPS / SIPPS
What is QROPS?
A Qualifying Recognised Overseas Pension Scheme (QROPS) is a HMRC-recognised pension transfer scheme that is based in a jurisdiction outside the UK which maintains the same standards or equivalent as a UK pension.
If you are thinking of moving away from the UK but have a local pension, then those savings are easily transferable into a QROPS, provided that the overseas scheme of your choice is registered with HMRC and fully compliant with the standards of the jurisdiction it is domiciled in. The popularity of QROPS schemes has risen considerably following the introduction of new pension rules in 2006 by HMRC.