Frequently Asked Questions

Q: What are QROPS?

A: QROPS, or Qualifying Recognised Overseas Pension Schemes, were first introduced by the UK government in April 2006. This enabled people who are seeking to leave, or who have already left the UK, to transfer their UK pensions abroad to HMRC pre-registered schemes called QROPS. Most UK Pension Schemes can be transferred to a QROPS including ‘protected rights’. The exceptions are typically State Pensions and most Final Salary Schemes already in payment.

Q: What are the risks involved?

A: In many cases, probably less than your current UK arrangements. We only use jurisdictions with a very high degree of compliance and regulation in place, such as Guernsey, Malta, New Zealand and the Isle of Man.

Q: Is my money safe?

A: The UK authorities will only allow pension funds to be transferred from one approved provider to another approved provider. In turn, when you come to take benefits, the money can only be sent directly to you and NEVER via a third party.

Q: How long does the process take?

A: This very much depends on the length of time that the UK providers take to release the information to us, once we have requested this from them. However, the whole process from start to finish is normally wrapped up within 6-8 weeks.

Q: What are the costs?

A: The costs will depend on the chosen route at the time. As independent advisers, we deal with several jurisdictions, which in turn have different providers all with varying charges. So until a personal recommendation is made, these clearly cannot be quantified until that time. All charges are then disclosed in full and typically deducted by the new provider at the time of transfer