A QROPS is an overseas pension arrangement that satisfies the conditions set down by statute, and which has applied successfully to Her Majesty's Reveue and Customs (HMRC) for approval. Once approval has been granted a UK pension can be transferred to a QROPS, providing the legislation of the jurisdiction where the QROPS is established allows such a transfer and assuming both the transfer and receiving scheme agree..
A QROPS status has significance for UK tax purposes only (HMRC/RPSM14101050). This means for example that transfers to US “qualified” retirement plans, including IRA`s cannot be made, as such plans are not permitted by the Internal Revenue Service (IRS) to accept UK registered pensions, even if that plan has a QROPS approval.
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