Recognised Overseas Pensions Schemes (ROPS) notifications
16 March 2017
The A-Z list of Recognised Overseas Pensions Schemes (ROPS) notifications has been updated. 29 schemes have been added to the ROPS notifications list, five removed and one amended.
The notifications list will be suspended on 14 April 2017 and a revised list will be published on 18 April 2017. At that time please check the list to ensure you’re transferring to a scheme that appears on the revised list.
From 6 April 2017 the requirements to be a ROPS are changing. You will need to check that the scheme you’re transferring to on or after that date meets the new requirements.
HM Revenue and Customs (HMRC) can’t guarantee these are ROPS or that any transfers to them will be free of UK tax. It is your responsibility to find out if you have to pay tax on any transfer of pension savings.
HMRC will usually pursue any UK tax charges (and interest for late payment) arising from transfers to overseas entities that don’t meet the ROPS requirements even when they appear on this list. This includes where the ROPS requirements have changed and where taxpayers are overseas. HMRC will also charge penalties in appropriate cases.
Find out about the changes for ROPS requirements.