QROPS
A QROPS is a Qualifying Recognised Overseas Pension Scheme. In April 2006 HM Revenue and Customs (HMRC) announced that they were amending pension legislation to accommodate transfers out of UK pension schemes principally designed for individuals who have left, or plan to leave the UK permanently. This legislation has enabled pension schemes outside the UK to apply to HMRC for approval as a Qualifying Recognised Overseas Pension Scheme, referred to as QROPS. Individuals with accrued UK pension scheme benefits can apply to have these transferred into a QROPS.
What is a QROPS?
A QROPS is a pension transfer scheme that is recognised and registered by HMRC. It has to meet certain conditions and standards that are equivalent to those of a UK pension. Most UK pension can be transferred into an overseas scheme.
- It must be regulated in the jurisdiction where it is established.
- It must be recognised for tax purposes in the jurisdiction where it is established.
- It must be registered with the HMRC.
Kept informed at
every stage of the
process
Where a QROPS is concerned, it is true to say that one size does not fit all. Our team maintain up-to-date knowledge and technical understanding of the ongoing issues faced by clients, both in the UK and further afield.
Our dedicated QROPS team in Gibraltar work closely with carefully chosen trustees to provide the right solutions and the correct amount of contact to ensure you are kept informed at every stage of the process. This level of expertise enables us to continue to deliver innovative and tailored solutions.
Why a Gibraltar QROPS?
- A Gibraltar QROPS offers a flexible and tax efficient solution for retirement and succession planning.
- It provides a secure environment to consolidate and safeguard your assets.
- The scheme is suitable for individuals who have left or are in the process of leaving the UK permanently.
- The scheme can be nominated in the client’s currency of choice
- It allows for both regular income provision and lump sum payments as per the client's needs.
Flexible Investment Options
In addition to mainstream investments such as unit trusts, portfolio bonds, investment platforms, QROPS can also invest in international commercial property and other approved assets, subject to Scheme/Trustee Approval.
Portfolio Management
accl provide a risk related approach to portfolio management based on an individual's personal approach and circumstances. This process includes - accessing investment mix and policy, matching investments to objectives, asset allocation for individuals & institutions and balancing risk against performance.
Maximising Benefits to Beneficiaries
It is possible for benefits from a QROPS to be paid out with no UK tax, therefore passing on more of the fund to a member's beneficiaries. Certain conditions apply and rules can vary depending on each jurisdiction.
Fixed Pricing for QROPS
Many UK pension schemes, including stakeholder pensions, have a percentage based charging structure. A QROPS from one of our recommended trustees has a fixed price, all inclusive, initial and annual fees, which could offer a significant saving to your clients as the costs are not linked to the value of the fund.
As your life changes, so should your financial recommendations, this ensures relevance of position in a changing financial world.
Clear, transparent financial services with over 30 years of expertise
