What Are Qualifying Recognised Overseas Pension Schemes

[russelgerard]

What are Qualifying Recognised Overseas Pension Schemes?

[VisasPlus]

I think you are in the wrong forum. But, just Google QROPS. You will find full explanation there.

[AyG]

A QROPS is effectively an off-shore pension, so when you eventually start taking your pension you do not have to pay UK income tax on the pension. Generally you can transfer existing UK private pensions and company pensions to a QROPS.

They are expensive - a minimum fee of GBP 2,000 per year is typical - so are only really of use if your pension pot is more than about GBP 200,000.

[russelgerard]

Thanks for your reply

[7by7]

I think you are in the wrong forum.

Possibly, but as there is a long standing pinned topic on Australian pensions here, I guess this one may as well stay.

I assume that this refers to the UK, so have amended the topic title accordingly.

[AyG]

They are expensive - a minimum fee of GBP 2,000 per year is typical - so are only really of use if your pension pot is more than about GBP 200,000.

Charges have come down quite dramatically in the last few months. For example Concept's Aurora Libertai is now GBP 1,000 per year (fixed fee), down from 0.6% of assets, minimum GBP 2,000 (though there is now a restriction of one withdrawal per year free of charge).

(If you already have the Aurora plan you can switch to the new charging scheme for GBP 1,250 or thereabouts.)

[RAZZELL]

A list:

http://www.hmrc.gov.uk/pensionschemes/qrops.pdf

RAZZ