New HMRC ROPS List
Published / Last Updated on 18/05/2017
New HMRC ROPS List.
HMRC has published its latest Recognised Overseas Pension Scheme (ROPS) list.
ROPS are overseas pension schemes that have been approved by HMRC to accept pension transfers from the UK.
When new pension flexibility rules started in 2015, many ROPS schemes did not meet HMRC’s criteria, i.e. for a period of time, the overseas scheme must only pay out pension benefits in the same way that UK schemes do. We have seen swathes of Australian, Canadian, New Zealand and US schemes be removed from the list to the point now where there are no Canada and US schemes approved at all.
In Australia, many have taken the decision to set up their own ‘private’ self-managed superannuation scheme, register it as an approved pension in Australia and then sought individual ROPS approval with HMRC in the UK.
For more details on the latest HMRC ROPS list visit: https://www.gov.uk/government/publications/list-of-qualifying-recognised-overseas-pension-schemes-qrops