QROPS

QROPS A Qualifying Recognised Overseas Pension Scheme (QROPS) is a pension scheme which can receive a transfer of UK pension benefits-free of tax.

The ITC SSAS, ITC PRSA and ITC Buy Out Bond are all registered on the QROPS list operated by HM Revenue & Customs (UK Revenue)

Pension transfer from the UK

A QROPS is an excellent opportunity for people of any nationality (who have paid into a pension in the UK and are now planning to live out their retirement in Ireland or elsewhere) to take their pension out of the UK. It is also beneficial to UK residents who worry about the effects of Brexit on their pension or who want to safeguard their savings against the increasingly restrictive UK pensions regime.

A QROPS offers flexibility and significant taxation and investment advantages, allowing UK pension holders to make their pension work for them (again).

What are the benefits of a QROPS?

  • Many people have pension benefits remaining in UK schemes. QROPS is an excellent opportunity to bring those benefits to Ireland.
  • It allows for a consolidation in Ireland without incurring tax.
  • It permits members to take control of pensions accumulated in the UK and, in conjunction with their financial advisor, make those pensions work for them (again).

Next Steps:

  1.  Contact us or your Financial Advisor.
  2.  Download the HMRC QROPS application form.
  3. Complete the ITC QROPS Form and return it to us