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 prescribed conditions if the relevant member state does not happen to have a system in place for the approval of pension schemes for tax purposes

  3. Recognised Overseas Pension Schemes (ROPS)—essentially a QNUPS which satisfies additional criteria

  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.

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Minister for Pensions hosts roundtable on ‘Pound for Pound’ initiative in shift from cost to Value for Money

The Minister for Pensions, Torsten Bell MP, has hosted a roundtable with regulators and leading pension providers to support a joined-up approach to Value for Money (VFM) in pensions. The event marked the first public discussion of the ‘Pound for Pound’ (‘£4£’) initiative, aimed at shifting the UK market from cost-based comparisons to broader value-based metrics, shifting market conversations away from cost towards value. This shift is essential for the success of the government’s proposed approach set out in the Pension Schemes Bill 2025. Insights from Australia’s superannuation system were central to the session, highlighting how clear benchmarking, transparency and regulatory oversight have transformed both member outcomes and the understanding of value in Australia. Intended to inform the impending regulatory consultation on VFM metrics, the superannuation system formed a key reference point as the discussion explored how lessons from Australia and insights from providers could shape regulatory thinking and support the development of the Pension Schemes Bill. Roundtable participants including the Department for Work and Pension, the Financial Conduct Authority, Pensions UK and a number of the Mansion House Accord signatories, agreed that now is the time for government, regulators and industry to collaborate in shaping and embedding a robust, fit-for-purpose VFM regime.

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