Qualifying Recognised Overseas Pensions Schemes (QROPS)
Changes in primary legislation have been introduced in Finance Bill 2013 to strengthen reporting requirements and powers of exclusion relating to the QROPS regime. They support the changes in secondary legislation published for consultation on 6 December 2011.
The Government also announced that where the country or territory in which a QROPS is established makes legislation or otherwise creates or uses a pension scheme to provide tax advantages that are not intended or available under the QROPS rules, the Government will act so that the relevant types of pension scheme in those countries or territories will be excluded from being QROPS.
All this is for your benefit, last year several jurisditions were excluded from being able to provide a QROPS option as they did not follow the rules of the UK HMRC and chose to follow their own. Regulations provided by the HMRC for QROPS help protect you and each provider is listed on the HMRC website for your assurance.