List of Recognised Overseas Pension Schemes notifications
04 May 2016
The list is of schemes that have told HM Revenue and Customs (HMRC) they meet the conditions to be a Recognised Overseas Pension Scheme (ROPS).
In this update 56 schemes have been added to the list.
HMRC will usually pursue any UK tax charges (and interest for late payment) arising from transfers to overseas entities that do not meet the ROPS requirements even when they appear on this list. This includes where taxpayers are overseas. HMRC will also charge penalties in appropriate cases.
Tax relief is given on pensions to encourage saving to provide benefits in later life. Accessing benefits (directly or indirectly) before age 55 will result in a liability to UK tax charges in all but the most exceptional circumstances. You should seek suitable professional advice including from a regulated financial adviser.