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  • What are QROPS?

    Qualifying Recognised Overseas Pension Schemes consist of an overseas pension scheme which is recognised by Her Majesty's Revenue and Customs.

QROPS

Qualifying Recognised Overseas Pension Schemes (QROPS) are overseas pension schemes which meet conditions laid down by Her Majesty’s Revenue & Customs (HMRC) and are able to accept pension transfers from a UK registered Pension Scheme. A QROPS offers benefits for people of any nationality, who have accumulated a UK pension fund and are now living or planning to live out their retirement abroad.

For people who have left the UK permanently, or who intend to do so, QROPS offers the possibility to move your UK Pension fund into a overseas scheme.

The Momentum range of QROPS solutions are designed to provide security for your retirement assets together with the flexibility of a modern international pension.

To provide maximum choice and flexibility for your retirement planning needs we offer a choice of QROPS from Malta, Gibraltar and the Isle of Man. All our schemes are registered with HMRC and offer you the ability to transfer your UK registered pension scheme(s) overseas* and gain the advantages of becoming a scheme member.

* The majority of UK Pension Schemes, including protected rights schemes, can be transferred to a QROPS. There are however, certain exceptions, such as State Pensions and Final Salary Pension Schemes where a pension income is already being paid.

The benefits of becoming a Momentum QROPS member include:

  • Ability to retire at an age to suit you and take benefits in a form that is best for you.
  • Up to 30% available as a Pension Commencement Lump Sum, with the balance providing an income for life.
  • No requirement to buy an annuity – income can be drawn from the fund with any balance on death passed to your dependents.
  • Investment Freedom – Momentum QROPS can take advantage of a wide range of investment opportunities.
  • Excellent Value – All Momentum retirement planning schemes have attractive, transparent fee structures.
  • No Nationality Restrictions – Momentum QROPS is available to all nationalities with accrued UK pensions, leaving or having already left the UK.
  • No Fund size limitations – There are no restrictions on the fund size transferable to a Momentum QROPS.*
  • Tax Efficient – Fund growth within a Momentum QROPS is Tax Free. Tax payable on distribution from a Momentum QROPS will depend on the QROPS jurisdiction and members tax residency.

* When transferring funds from a UK pension scheme, the total fund will be subject to a taxation test against the Lifetime allowance limits.

For further information on how a Momentum QROPS can benefit you, please discuss your options with your financial adviser.

Ex-employees of the EU Commission

For those people who have previously worked for the EU Commission or one of its associated organisations, it is possible to transfer your benefits to a scheme that meets certain requirements and is registered with the EU as a suitable scheme.

Momentum has schemes that meet these requirements.

For more information on our scheme for ex-EU employees please speak to your financial adviser or contact us.