What is a QROPS?

A QROPS (Qualifying Recognised Overseas Pension Scheme) is an overseas pension scheme, recognised by HMRC that meet certain conditions and standards equivalent to a UK pension. Therefore any UK pension can be readily transferred to an overseas scheme, provided that the overseas scheme is registered with HMRC as a QROPS. The rising profile of QROPS is a consequence of the new UK pension rules introduced by HMRC on 6th April 2006. The scheme must also meet the requirements of the jurisdiction in which it is domiciled.

Is a QROPS suitable for me?

This pension scheme is only suitable to you if you have left the UK, plan to leave, or are a resident but not UK domiciled. Obtaining advice is vital to ensure you do not face disciplinary tax charges.

M1 Malaysia recommends Malta Gibraltar and the Isle of Man as  the best jurisdictions on the HMRC’s QROPS list.

What are the key benefits of a QROPS:

  • Annuity: this scheme does not force you to buy an annuity.
  • Tax efficient.
  • Pass on full fund value to beneficiaries, no Inheritance tax.
  • Up to 25% tax free cash plus another 5% being your first years income, these figures are in debate at present and may change for the better.
  • Your pension income will be paid as gross.
  • Investment flexibility.
  • Transparent charges.
  • Flexible currency choice: your assets within your QROPS can be paid to you in any major currency.

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