QROPS (Qualified Recognised Overseas Pension Scheme’s) are a HMRC approved pension specifically designed for people living overseas who have pensions back in the UK. The British pensions industry can often fail to understand the specific needs of expatriate British pension-holders who no longer live in UK. QROPS Pension Transfer USA is a website designed to help US resident with UK pensions better understand their options.
QROPS in the USA
It is not possible to import a UK occupational pension fund (i.e. a Final Salary/Defined Benefit pension scheme) to the United States either as a stand-alone scheme or in amalgamation with a USA-based pension arrangement such as an IRA or a 401K. While UK regards the USA as a suitable jurisdiction for receiving an exported British pension, the practicalities are more complicated.
Even though the UK’s HRMC has approved QROPS in the United States, the IRS will not permit them to accept transfers of British pension funds. Furthermore, British occupational pensions in general are regarded by USA and Canada as being over generous by their standards. We work closely with international partners to find the most appropriate solution for our clients ensuring full compliance with the IRS and HMRC.
QROPS As A Solution
For many residents of the USA who have pensions back in the UK, moving pensions to a QROPS may be a suitable option. If you are a UK pension holder living in the USA with no plans to retire in the UK then it is vitally important to make the most of any pension entitlements you may have in the UK.
They are a number of options available to you and a QROPS may be the right fit. Please fill in the form below and one of our advisers will call you within 24 hours.