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FAQ 12 – How do I know if it’s a legitimate scheme?

  • All QROPS providers will have a letter from HMRC confirming their QROPS authorisation number.
  • You or more importantly your adviser should check the basis of QROPS notification with HMRC.
  • The regulatory controls in the overseas jurisdiction compared to the Financial Services Authority (FSA).
  • Comparable consumer protection to the Financial Services Compensation Scheme (FSCS) if things went wrong.
  • Who is controlling and administering your Pension fund and what is the extent of their powers within the Trust deed.
  • Due diligence on the QROPS company and Trust and its Directors.
  • QROPS approved plans that agree to have their details published are listed on the HMRC website. This is updated every fortnight and now totals over 2000 with many more schemes not published. A UK Pension administrator will confirm a QROPS listing before agreeing to a transfer. If not listed, the administrator will contact HMRC for confirmation.

HMRC clearly states the listing of a QROPS should not be seen as a recommendation and you should always seek advice from a UK Financial Services Authority authorised and regulated firm. Feel free to contact us if you require additional advice and guidance.

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