'QROPS' stands for 'Qualifying Recognised Overseas Pension Scheme' and is an overseas pension approved by Her Majesty's Revenue and Customs (HMRC) as meeting standards and conditions equivalent to a UK registered pension.
The HMRC approval allows anyone with a UK registered pension who is living outside the UK, or is intending to leave the UK, to transfer their UK pension into a QROPS. Put simply, anyone can move their pension fund to another more favourable jurisdiction.
HMRC require a QROPS to meet certain criteria relating to the jurisdiction in which it is established, how it is regulated and the benefits it pays. April 6th 2006 (often referred to as 'A' day) brought about the implementation of the UK Pension Simplification and the availability of QROPS.
The Belvedere International Pension Plan is designed to enable non-UK resident individuals - or individuals who are about to leave the UK - who have accrued pension benefits in the UK, to transfer these out and create a bespoke solution to suit their own circumstances, providing tax neutrality, a wide range of options and greater flexibility.
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