WHAT ARE ROPS?
Recognised Overseas Pension Schemes (ROPS) formerly known as Qualified Recognised Overseas Pension Schemes (QROPS) are overseas schemes that are recognised by HMRC to accept transfers from UK registered pension schemes without incurring a tax charge.
WHEN IS A ROPS SUITABLE?
When a member of a UK pension scheme is planning to leave the UK and become non-UK tax resident then ROPS should be highlighted as a potential option. The individual circumstances will need to be reviewed and the benefits of transfer examined. It may also be applicable to UK residents in certain circumstances.
CAN I GET HELP WITH ADVICE?
Not all financial advisors will have the ability to advise you on ROPS as it is a specialist area which requires technical knowledge and the resources to investigate the options. Therefore, it is important that you speak to a suitably qualified ROPS advisor who can give you the advice they need.
Laurus Financial Solutions Limited can put you in touch with a suitable advisor. Complete the form below for a call back.
If you do not intend to retire abroad but would like to discuss a more flexible pension option for your planned retirement in the UK you can find information regarding our other options here