Qualifying Recognised Overseas Pension Schemes
HMRC have again updated their list of Qualifying Recognised Overseas Pension Schemes (QROPS). The list published on 2 February 2011 includes the names of some 1,400 QROPS providers in countries including Australia, Barbados, Belgium, Canada, Germany, Gibraltar, Guernsey, Ireland, Isle of Man, Jersey and Switzerland.
HMRC make it clear that publication on the list should not be seen as confirmation that HMRC have verified all the information supplied by the scheme in its application. QROPS providers self-certify that they meet QROPS rules when applying to be listed.
If a QROPS scheme is later found not to have satisfied the necessary conditions to be a recognised overseas pension scheme, any transfer that has been made to that scheme could give rise to a scheme sanction charge on the scheme and to an unauthorised payments surcharge on the member.