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It is possible to make transfers from UK registered pension schemes to overseas pension schemes (OPS) so long as they are registered with HMRC as qualifying recognised overseas pension scheme (QROPS). A transfer from a UK registered pension scheme to a QROPS is a ‘recognised transfer’ and so does not involve any tax charge as it is an ‘authorised payment’. It is nonetheless an ‘event’ that a UK pension scheme administrator must report to HMRC. However, transfers to QROPS may be subject to an overseas transfer tax charge at 25% (see below).

Although, generally, the term QROPS is used, from an HMRC perspective the term recognised overseas pension scheme (ROPS) is often used instead because the statutory definitions are concerned with what constitutes a ROPS. A QROPS is simply an ROPS which has given certain undertakings to HMRC.

HMRC publishes a list of schemes that it understands to be ROPS, but this just means that the pension scheme administrator has notified HMRC that it meets the conditions to be a ROPS. It does not mean