QROPS (Overseas Pensions)
What is a QROPS?
Her Majesty’s Revenue and Customs (HMRC), backed by primary legislation, has put in place a pre-approved system whereby UK pension rights can be transferred from the UK into a QROPS at the member’s request.
As such domestic pension schemes in Belgium (as part of the EU) are seen as recognised schemes.
The acronym QROPS stands for Qualifying Recognised Overseas Pension Scheme.
A QROPS is often an international pension arrangement which meets the rules of the jurisdiction in which it is located and which is authorised in that jurisdiction as a pension scheme – i.e. it is ‘recognised’.
What are the benefits of QROPS?
A QROPS can provide the following key advantages:▲ Enhanced investment options
▲ The avoidance of purchasing an annuity
▲ Far greater flexibility on income drawdown
▲ Ongoing inheritance tax efficiency
▲ Increased tax efficiency on income in your country of residence
▲ Full range of currency options
▲ A high level of security through investment in a tightly regulated jurisdiction
Want to know more?
Fulcra has compiled a FREE downloadable PDF containing detailed QROPS information, for your copy please complete the form below.