Introduction

The non-registered pension schemes, in respect of which there are reporting requirements to HMRC, covered by this note are:

1. •

   employer financed retirement benefit schemes (EFRBS)

2. •

   qualifying overseas pension schemes (QOPS) in respect of migrant member relief

3. •

   transfers from non-UK pension schemes to registered pension schemes

4. •

   qualifying recognised overseas pension schemes (QROPS), which should not be confused with QOPS as the two have different conditions

Employer financed retirement benefit schemes (EFRBS)

An EFRBS is a unregistered pension scheme for the provision of relevant benefits to employees or former employees of an employer. These are benefits provided in connection with retirement or death or in relation to a change in the nature of an employee’s service.

As unregistered pension schemes, EFRBS are not subject to the normal pensions taxation regime. Therefore, contributions to an EFRBS are not subject to the annual allowance and benefits from an EFRBS are not tested against the recipient’s lump sum allowance or lump sum and death benefit allowance (or, prior 6 April 2024, the recipient’s lifetime