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.
- 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.
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.