Qualifying Recognised Oversears Pension Schemes (‘QROPS’)
A QROPS is a pension scheme set up and regulated outside the UK, recognised by Her Majesty’s Revenue and Customs (‘HMRC’) as equivalent to a UK Registered Pension Scheme. It allows persons who no longer reside in the UK to transfer pension rights accumulated in a UK recognised pension scheme to a recognised pension scheme outside the UK.
This scheme may give employers and their employees more tax flexibility on these benefits, provided that certain conditions are fulfilled. The same conditions apply to individuals no longer resident in the UK who receive benefits from their personal pension schemes.
Her Majesty’s Revenue and Customs (‘HMRC’) has confirmed that Retirement Schemes established in Malta and regulated by the Malta Financial Services Authority may be considered on a case-by-case basis for Qualifying Recognised Overseas Pension Schemes (QROPS) under UK Law, thus allowing the transfer of pension rights into the scheme without a UK tax charge.
For more information on Retirement Schemes and Funds, please contact us by email to info@gmxlaw.com. We have the knowledge and the experience to provide you with bespoke tailored-fit solutions that meet your individual needs.
