QROPS for EU Residents

“Qualifying Recognised Overseas Pension Scheme”

If you live outside the United Kingdom and consider you may wish to retire in the European Union and become non-UK tax resident, you are eligible to take advantage of the benefits of a Qualifying Recognised Overseas Pension Scheme (QROPS).

If you have a deferred or personal pension in the UK, your beneficiaries may be charged 55% of the value of that fund on your death, depending on the type of scheme.  There is no “death tax” made by a QROPS for a non-UK tax resident. Additionally, you will not have to purchase an annuity, where current rates are at an all time low.  Depending on where you are tax resident, you could pay less tax in retirement by having a QROPS.

QROPS schemes need to be recognised by HMRC. This “recognition” enables the Scheme to receive the total transfer value of your UK pension thus allowing you to benefit from all the advantages of moving your retirement fund out of the UK. At the same time you have the assurance of knowing the scheme maintains HMRC QROPS status.

If you have more than one pension (and some clients have several) you can consolidate them all in one scheme.

Trafalgar will advise you on the most appropriate jurisdiction for your needs. We generally recommend either Malta or Gibraltar due to their relationships with the EU and the UK respectively.

Finally, you can choose which currency you want your pension to be invested in thus avoiding currency exposure in retirement.

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Qualifying Recognised Overseas Pension Scheme



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