QROPS Providers

QROPS Providers – What to look for?

There are many factors that are important when identifying what to look for in QROPS Providers. Below is a brief list of what you should look for, but please remember it is vital that you seek out an independent financial adviser to help you in your decision making.

    • Authorised:
      • It is a requirement that the QROPS provider picked by an individual are authorised to implement this scheme in foreign countries by HM Revenue and Customs (HMRC) office. See the HMRC list for a complete breakdown of authorised QROPS provider’s here.  If you have a potential QROPS provider who is not on this list please contact us and we will establish their credibility. Otherwise you may face penalties.
    • Qualified:
      The HMRC will scrutinise every detail of the provider’s application, if ongoing reviews suggest that these conditions are not met they will be removed from the list.
    • Good Standing
      • Make sure you have face-to-face interactions with your advisor and they walk you through the various schemes
      • Confirm that the QROPS provider is licensed by the UK Financial Services Authority or the financial regulators where the scheme is registered.
  • Reporting Requirements
    QROPS Providers have specific reporting procedures they must adhere to when transferring a UK pension to a QROPS.

If you have any further questions or queries on who you should chose as a QROPS Providers please contact us here.