A Qualifying Recognised Overseas Pension Scheme (QROPS) is a name used to categorise a non-UK pension scheme that can receive the transfer of UK pension benefits. To qualify as a QROPS, the overseas pension scheme must meet certain conditions as prescribed by HM Revenue & Customs (HMRC), the UK tax authority. The pension scheme must also comply with the local pension’s legislation in its own operating jurisdiction. Sovereign has been at the forefront of QROPS since enabling legislation was first introduced in 2006 and has one of the broadest QROPS propositions in the marketplace.

What are the advantages of a QROPS?

By transferring a UK pension to a QROPS, a non-UK tax resident can benefit from several efficiencies. These include the removal of the pension from the UK tax system, greater investment flexibility, multi-currency investment and the ability to pass all the pension funds to any beneficiary upon a member’s death.

Sovereign offers a wide range of third country QROPS products from its administration offices in Gibraltar, Malta and the Isle of Man (IOM).

QROPS – Frequently Asked Questions

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