A Qualifying Recognised Overseas Pension Scheme (QROPS) is an overseas pension arrangement that meets the requirements set out by HM Revenue & Customs under the Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 2006. Launched on 6 April 2006 to uphold EU principles of free movement of capital, a QROPS must be established in an approved jurisdiction (such as an EU member state, Norway, Iceland, India, etc.) or in a country with a suitable double-taxation agreement with the UK. It must also commit at least 70% of transferred funds to providing a lifetime income and ensure benefits are payable no earlier than the UK’s normal minimum pension age.

QROPS is ideal for anyone—of any nationality—who has built up UK pension benefits and now lives or plans to retire abroad. Whether you hold deferred company schemes, personal pensions, SIPPs, or SSAS, transferring to a QROPS can offer greater flexibility through flexi-access drawdown, multi-currency investment choices, and potentially more favourable tax treatment in your country of residence. This makes QROPS particularly attractive for British emigrants, global professionals, and foreign nationals with UK pensions seeking streamlined, tax-efficient retirement solutions outside the UK.