9.4.1 The four main conditions of a QROPS

In order to be able to transfer benefits from a UK registered pension scheme to an overseas scheme without the payment being treated as an unauthorised payment, the receiving scheme must be a ‘qualifying recognised overseas pension scheme’ (QROPS).

A QOPS will not necessarily be a QROPS, but a QROPS will be capable of qualifying as a QOPS. HMRC maintain an updated list of QROPS on their website, but the list is not exhaustive as schemes may choose not to be represented on the list.

A transfer of rights from a UK registered pension scheme to a QROPS is a BCE 8 and any lifetime allowance charge that may arise is charged at a rate of 25%.

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