QROPS, HMRC recognized overseas pension schemes should be considered by expatriates and individuals who have worked in the United Kingdom as a QROPS allows for the transfer of the UK pension to other jurisdictions. These jurisdictions should be carefully selected and we suggest, not only by the choosing the one with the greatest tax advantage, but to check that the jurisdiction also offers consumer protection and regulated safeguards.
QROPS provide certain advantages over other types of pension schemes. Here, one has the choice of currency, age of retirement (can be 55), flexible income drawdown, investment flexibility, lump sum accessibility and the opportunity to consolidate pensions.
However, we suggest that you speak to our qualified consultants to see if you would qualify, and if yes, to obtain an independent overview of the best course of action for your situation.