Qualifying recognised overseas pension scheme information
A qualifying recognised overseas pension scheme, or QROPS is an overseas pension scheme that meets certain requirements set by HM Revenue and Customs (HMRC). A QROPS can receive transfers of British pension benefits. The QROPS programme was part of British legislation launched on 6 April 2006 as a direct result of EU human rights requirements of the freedom of capital movement.
A QROPS should not incur an unauthorised payment nor scheme sanction charge and is deemed either a trust or a contract based offshore pension. As such the tax residence of the beneficial owner or beneficiaries is critical as some countries do not recognise trusts, the result being the prospect of taxation at source or upon receipt. Examples could include France and the United States.
A QROPS can be appropriate for British citizens who have left the UK to emigrate permanently and intend to retire abroad having built up a British pension fund. Alternatively, a person who is born outside the UK having built up benefits in a UK-registered pension scheme can move their pension offshore if they want to retire outside the UK. British State Pensions cannot be transferred, but defined contribution, defined benefit pension schemes, SIPPs and SSAS can be transferred abroad. A QROPS does not have to be established in the country where one retires; rather, a person can move the pension to another jurisdiction and have the benefits paid into their country of choice.
and 13 Related for: Qualifying recognised overseas pension scheme information
approved under 50C met the applicable HMRC regulations on QualifyingRecognisedOverseasPensionSchemes (QROPS) until 5 April 2012 when the regulations changed...
welfare schemes including but not limited to the Mahatma Gandhi National Rural Employment Guarantee Act, the Public Distribution System, old age pensions and...
and unemployment benefits for adults, plus retirement pensions. The National Assistance scheme established under the National Assistance Act 1948 (11...
improvements to pensions were made, with invalidity and old-age pensions increased, the qualifying period of residence for age pensions halved, and the...
initial stage of University Entrance Examination. The HKCEE was fully recognised by other countries including New Zealand, Australia, the UK, the US and...
April 2007 Company Taxation Manual CTM20070 – ACT: general: qualifying and non-qualifying distributions, HMRC. Retrieved 12 April 2007 Budget 1997 Archived...
following day. Same-sex marriages lawfully entered into overseas automatically became recognised and the first marriages under the amended law were to occur...
students, midwives, nurses, and contacts of patients with tuberculosis, a pensionscheme was set up for employees of the newly established NHS, The National...
however, MDP officers are part of the Civil Service PensionScheme, not the Police PensionScheme and only contribute 3.5% of their gross salary, compared...
while pensions were raised to a record 21% of average male industrial wages. In 1966, the system of National Assistance (a social assistance scheme for...
government tried to avoid inflation via massive overseas borrowing and a variety of local regulations. A scheme was introduced to fix maximum retail prices...
Global Information