For a UK pension member, looking at a pension transfer overseas, the phrase Qualifying Recognized Overseas Pensions Schemes or ‘QROPS’ would be something that they would sooner or later come across. The first question that is then raised is:
‘Who should I ask for QROPS advice?’
The ideal people to ask are specialist QROPS advisers, such as Global QROPS Ltd, who have a team of advisers that have been advising on QROPS since their inception on 6th April 2006. If you do not know how to get hold of QROPS specialists, your first port of call should be your IFA or financial adviser, who would be able to steer you in the right direction.
‘Why don’t I just approach a QROPS provider directly?’
There is nothing to stop a UK pension member, who is looking at a pension transfer overseas, speaking to a QROPS provider directly. However, with so many QROPS providers in various different countries (some suitable from an individual’s tax perspective and some not), unless you are confident that you are aware of everything that is available to you, it is difficult to know whether you are approaching the most suitable providers in the first place. In addition, QROPS providers are generally not advisers. Other than giving information on their own QROPS product and capabilities, they would not necessarily shed any further light on what else is out there.
Global QROPS Ltd are authorised and regulated by the UK financial services authority.