Qualifying Recognised Overseas Pension Schemes

A QROPS (Qualifying Recognised Overseas Pension Scheme) also known as a ROPS, is an overseas pension scheme that meets HMRC’s conditions to accept transfers of previously accrued UK pension benefits to a scheme offering flexibility, tax efficiency and multi-currency options. Trireme’s QROPS are based from our Malta office and are all licensed and regulated by the Malta Financial Services Authority and submitted on HMRC’s register.

As a politically stable, full EU Member State with double taxation agreements with more than 70 countries and a highly respected regulatory authority, Malta has long been one of the most preferred jurisdictions for QROPS transfers. The double taxation agreement network means that in many situations, pension benefits are paid without the deduction of any local taxation in Malta. However Members should seek tax advice in relation to their personal situation.

Trireme established the first contract based QROPS in Malta and are considered market leaders in this space. This being said, Trireme offer both trust and contract based QROPS to suit the individual needs and tax profile of individual members and offer free in-house transfers between the plans. Contract based pensions are an important development in the international market as the use of trust based pensions can trigger additional reporting and, in some cases, taxation for individuals living in many non common law jurisdictions. For further information on this, please see our Contract Vs Trust note or contact our support team.

Transferring accrued pension benefits is a complicated and ever-changing environment and it is highly recommended that independent financial and tax advice is taken before any transfer takes place - and in certain situations, it is a mandatory requirement for UK FCA regulated advice to be given.