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Home » News & Insights » Is Your Pension Scheme Overseas? Check It Is A Recognised Scheme

Is Your Pension Scheme Overseas? Check It Is A Recognised Scheme

Posted on 8th June 2021

The Recognised Overseas Pension Schemes (ROPS) is a list of pension schemes that have notified HMRC that they meet the conditions to be a ROPS and have asked to be publicly listed. The list is usually published twice monthly to update new and removed schemes. In the most recent update on 1 June 2021, 23 ROPS were added to the list.

Checking Your Scheme Is Recognised

The requirements to be a ROPS changed on 6 April 2017. Taxpayers need to check that the scheme they are transferring to on or after that date meets the new requirements.

You can check your pension scheme is on the list here

It is the taxpayer’s responsibility to find out if they must pay tax on any transfer of pension savings. HMRC will usually pursue any UK tax charges (and interest for late payment) arising from transfers to overseas entities that do not meet the ROPS requirements, even if they appear on the list. HMRC also charges penalties in some cases.

Tax relief is given on pensions to encourage saving to provide benefits in later life. Accessing benefits (directly or indirectly) before the age of 55 will result in a liability to UK tax charges in all but the most exceptional circumstances.

Source: Informanagement

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Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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