Qualifying Recognised Overseas Pension Schemes (QROPS)


Produced in partnership with Sean McNulty of Blake Morgan
Practice notes

Qualifying Recognised Overseas Pension Schemes (QROPS)


Produced in partnership with Sean McNulty of Blake Morgan

Practice notes
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STOP PRESS: The lifetime allowance regime was abolished with effect from 6 April 2024 through the Finance Act 2024 and the Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024, SI 2024/356. Before that, the lifetime allowance charge was removed with effect from 6 April 2023. The government’s stated objective is to encourage older inactive individuals to return to work.
The legislation implementing the abolition of the lifetime allowance introduces three new allowances instead:
— the ‘lump sum allowance’, which will limit the total amount of tax-free lump sum an individual can receive to £268,275, unless they hold a valid lifetime allowance protection or lump sum protection, and
— the ‘lump sum and death benefit allowance’, which will limit the total amount of lump sums an individual can receive before marginal rate taxation applies to £1,073,100, unless they hold a valid lifetime allowance protection
— the ‘overseas transfer allowance’, which will limit the total value of the transfers that can be made to a Qualifying recognised overseas pension scheme (QROPS) without incurring an overseas transfer
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Recognised overseas pension scheme definition
What does Recognised overseas pension scheme mean?

A pension scheme of another country which meets specified requirements and is recognised by HMRC.

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