QROPS stands for Qualifying Recognised Overseas Pension Scheme. QROPS is a type of international pension and depending on the jurisdiction, in which the QROPS is established, can be considered as offshore pensions. All QROPS are recognised by HMRC in the UK and give UK pension holders who take up residency abroad the option to transfer their pensions, tax-free, to a more tax efficient and less restrictive jurisdictions.
With a QROPS, you are not limited in the same way as you are with a UK pension, such as:

 No UK tax liability
 No need to purchase an annuity
 Investment flexibility
 No inheritance tax liability
 No minimum transfer threshold (depending on the QROPS)
 Consolidation of several UK pensions into one QROPS
 Taking up to 30% of the pension fund as a tax-free lump sum.

Please feel free to Contact Us for an independent review of your existing pension provisions, and to find out more about the options available to you.
If you wish to transfer your pension into a QROPS there are a range of factors to consider, including:

 Jurisdictions
 Schemes available
 Investment choice In most cases you will need advice in order to navigate your way to the most appropriate solution.

Please feel free to Contact Us for an independent review of your existing pension provisions, and to find out more about the options available to you.
• You must be between 18 and 75 years of age • You must be living outside of the UK or have the intention of leaving the UK • You must have the intention to live permanently away from the UK All nationalities are entitled to hold a QROPS if they have a UK pension.

Please feel free to Contact Us if you have any further questions or would like some help with setting up a QROPS.
You can transfer some or all of your UK pensions into a QROPS, there are no official restrictions on how much money you transfer into a QROPS, but it is a widely held opinion that for QROPS to be effective, you should have £25,000 to transfer as a minimum. Many people elect to consolidate all of their UK pensions into a single QROPS for ease of ongoing administration.

The current maximum amount you can transfer to a QROPS tax-free is £1.5m.

Please feel free to Contact Us if you have any further questions or would like some help with setting up a QROPS.
If you are planning on moving back to the UK permanently or for work, your QROPS will become subject to the same regulations and tax treatments as a UK pension.

Please feel free to Contact Us for an independent review of your existing pension provisions, and to find out more about the options available to you.
If you live or work in another country, your QROPS will stay in the jurisdiction it was set up in. You can continue to make contributions regardless of where in the world you are living (remember though that if you move back to the UK, your QROPS will be bound by UK pension regulations). You can receive income and contribute to your QROPS in any currency; so even if you move to several different locations, you can still use your QROPS.

Please feel free to Contact Us if you have any further questions or would like some help with setting up a QROPS.
It is not possible to transfer a UK state pension into a QROPS – only company and private pensions may be transferred.
No, they are entirely separate; if you take out a QROPS, any entitlement that you have to a state pension in the UK will remain unchanged.

Please feel free to Contact Us for an independent review of your existing pension provisions, and to find out more about the options available to you.
No, you cannot transfer your pension if you’ve already purchased an annuity.
You do not need to buy an annuity if you have a QROPS, but providing your QROPS has been set up correctly, you have the option to do so if you wish.
QROPS costs differ depending on the scheme, location and the service level that you require. The main costs you will be looking at are the initial set-up fee and an annual management fee.

Please feel free to Contact Us for an independent review of your existing pension provisions, and to find out more about the options available to you.
The jurisdiction in which you take out your QROPS means the country where you have placed your QROPS and therefore the country whose rules and regulations apply to your QROPS. Gibraltar, Isle of Man and Malta are leading QROPS jurisdictions whose benefits and suitability vary depending on your country of residence.

• Gibraltar - Well regulated and highly regarded as a financial centre. Individuals transferring to a QROPS in Gibraltar can expect superior products and a high level of professionalism from their service provider. Gibraltar levies a maximum withholding tax of 2.5% on income drawn down no matter where in the world a member resides, and is therefore the best choice for individuals who are uncertain of where they will retire, and particularly suitable for individuals resident in countries that do not have double taxation treaties in place with jurisdictions such as Isle of Man and Malta. Minimum Retirement Age is 55.

• Isle of Man - Well regulated and highly regarded as a financial centre. Individuals transferring to a QROPS in Isle of Man can expect high quality products and a high level of professionalism from their service provider. Isle of Man QROPS is less favourable for individuals resident in countries that do not have a double taxation treaty with Isle of Man, and levy a 20% withholding tax on income draw downs in such instances, making them less favourable than Gibraltar QROPS, but potentially more favourable than QROPS in Malta. Minimum Retirement Age is 55

• Malta - Well regulated and benefits from many double taxation treaties. Malta is particularly good as a jurisdiction for individuals based in Europe or who intend to relocate back to the UK and for individuals residing in countries with double taxation treaties in place with Malta. Malta is however particularly bad for individuals resident in most African countries and any country which does not have a double taxation treaty with Malta, as Malta levies a 35% withholding tax on income drawn down by members in these jurisdictions. Minimum Retirement Age is 50.

In order to ensure your QROPS is established in the most favourable jurisdiction given your individual circumstances and country of residence, please Contact Us
The principal benefit in transferring a UK Pension to QROPS is that the pension fund can be used by the member during their lifetime; any unused assets within the scheme at the time of the death can then be passed on to the member’s estate or named beneficiaries. Some key benefits of QROPS include:

• No UK tax liability • No need to purchase an annuity • Investment flexibility
• No inheritance tax liability
• No minimum transfer threshold (depending on the QROPS)
• Consolidation of several UK pensions into one QROPS
• Taking up to 30% of the pension fund as a tax-free lump sum.

Please feel free to Contact Us for an independent review of your existing pension provisions, and to find out more about the options available to you.
QROPS offers much more flexibility than UK pension schemes; you can withdraw your money as suits, adjust your portfolio and also pass on all of your money and assets as inheritance without the worry of inheritance tax. Some key benefits of QROPS include:

• No UK tax liability
• No need to purchase an annuity
• Investment flexibility
• No inheritance tax liability
• No minimum transfer threshold (depending on the QROPS)
• Consolidation of several UK pensions into one QROPS
• Taking up to 30% of the pension fund as a tax-free lump sum.

Please feel free to Contact Us for an independent review of your existing pension provisions, and to find out more about the options available to you.
It depends on your particular QROPS – some allow you to manage your own assets, while others will be restricted by certain conditions. It is most cases it is a good idea to seek financial guidance, even if you wish to manage your QROPS assets yourself.

Please feel free to Contact Us if you have any further questions or would like some help with setting up a QROPS.