Overseas aspects of pension schemes

Types of overseas pension schemes

There are four types of overseas schemes:

1. •

   Overseas Pension Schemes

2. •

   Qualifying Non-UK Pension Schemes (QNUPS)—essentially an overseas pension scheme which satisfies the requirements of the Inheritance Tax (Qualifying Non-UK Pension Schemes) Regulations 2010, SI 2010/51

3. •

   Recognised Overseas Pension Schemes (ROPS)—essentially an overseas pension scheme which satisfies the additional requirements prescribed under the Finance Act 2004. ROPS status does not, of itself, establish QNUPS status

4. •

   Qualifying Recognised Overseas Pension Schemes (QROPS)—essentially a ROPS which has notified HMRC of that fact and has provided evidence of that fact

For more information on the features of those overseas schemes, see Practice Notes:

1. •

   Types of overseas pension schemes

2. •

   Qualifying Recognised Overseas Pension Scheme (QROPS)

Transfers to and from overseas pension schemes

As workers become more internationally mobile, pension schemes find themselves dealing with more frequent requests to transfer members' pension benefits to and from overseas schemes....