SCROLL DOWN TO FIND OUT HOW TO ASK STEVE YOUR PENSION QUESTIONSteve Webb replies: A QROPS is a 'Qualifying Recognised Overseas Pension Scheme'. The idea of a QROPS is to allow people who have UK pensions but are moving permanently outside the UK to take their UK pensions with them without severe adverse tax consequences. According to HMRC, transfers from the UK into a QROPS can be made free of UK tax in some situations...'because they enable people permanently leaving the UK to simplify their affairs by taking their pension savings with them to their new country of residence. 'This is contrary to the policy rationale for allowing transfers of UK tax-relieved pension savings to be made free of UK tax to QROPS.' Indeed, HMRC's tax manual does have a section headed 'Transfers to a registered pension scheme from a QROPS or former QROPS'.

Source: Daily Mail August 29, 2022 07:51 UTC