List of Recognised Overseas Pension Schemes (ROPS) notifications
03 November 2016
3 November 2016
The list of Recognised Overseas Pensions Schemes (ROPS) notifications has recently been updated. 15 schemes have been added to the list and 18 have been removed. The A – Z list is available at the HMRC pages of GOV.UK.
The ROPS list contains pension schemes that have told HMRC that they meet the conditions to be a ROPS and have asked to be included on the list.
The ROPS list is normally updated twice a month however sometimes the list is updated at short notice to temporarily remove schemes while reviews are carried out, for example, where fraudulent activity is suspected.
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 the ROPS list. This includes where taxpayers are overseas. HMRC will also charge penalties in appropriate cases.
Caveat
HMRC can’t guarantee these are Recognised Overseas Pension Schemes (ROPS) or that any transfers to them will be free of UK tax. It is the responsibility of the tax payer to find out if you have to pay tax on any transfer of pension savings.