What is a QROPS?

A Qualifying Recognised Overseas Pension Scheme (QROPS) is any scheme recognised by HMRC as meeting standards and conditions equivalent to a UK pension. This approval allows anyone with a UK registered pension who is living outside the UK, or is intending to leave the UK, to transfer their UK registered pension offshore.

To be a QROPS, a scheme must meet various prescribed conditions. These relate to the location in which the scheme is established, how it is regulated, and the benefit options available.