QROPS stands for ‘Qualifying Recognised Overseas Pension Scheme’. A QROPS is an HMRC registered pension scheme which can accept a transfer of UK pension funds.
In order for an overseas scheme to qualify for ‘QROPS status’, it must meet certain strict criteria set by HMRC. If you transfer your pension to a plan that is not a registered QROPS, you will face a significant penalty so be sure to check that the pension scheme you are intending on transferring to is listed on the HMRC ROPS list.
A full QROPS approved list of schemes can be found here.
If you set up a Self Managed Super Fund, you can apply to HMRC for QROPS registration in order for your fund to accept a transfer of your UK Pension monies but this is a complex and time-consuming process. Alternatively, you can transfer your UK Pension to our Australian Expatriate Superannuation Fund which is Australia’s ONLY Retail Superannuation that is registered with HMRC as a QROPS. This would mean that you can completely avoid the complex registration process as this is all in place with our fund.