Immediate Annuities are authorised QROPS

What is a qualifying recognised overseas pension scheme (QROPS) http://www.hmrc.gov.uk/pensionschemes/transfer-overseas.htm

To qualify as a QROPS the scheme must meet the requirements set by UK tax law. The pension scheme must notify HM Revenue & Customs (HMRC) and confirm that it meets the legal requirements. A QROPS must broadly mirror the way a UK pension scheme works - meaning you should still get a lump sum and pension when you retire.However, this is subject to any local law or taxes in the country where the QROPS is operating or the country where you're living.

pls take note of the definition that I have highlighted in bold and red in the paragraph above. The link shared below where this is available:


Conditions a scheme must meet to become a QROPS  http://www.hmrc.gov.uk/pensionschemes/qrops.htm

The scheme must be set up outside the UK and not be a registered pension scheme. The scheme must meet all the following conditions:

• tax recognition conditions
• regulated pension scheme conditions
• recognised overseas pension scheme conditions

Tax recognition conditions

The scheme must be recognised for tax purposes as a pension scheme under the tax legislation in the country where it's been set up. It must meet all the following conditions to be recognised for tax purposes:

• The scheme is open to people living in that country.
• The country gives tax relief to individuals for pensions, but either payments in or payments out of the scheme will be taxed. For example if relief is given on contributions and scheme investments, most of the payments out must be taxed.
• The scheme is recognised by or registered with the country's tax authority.

We qualify on all three grounds

Regulated pension scheme conditions

If there's a body that regulates pension schemes in the country where the scheme is set up the scheme must by regulated by that body.

If there is no regulator the scheme must either:

• be set up in an EU member state, Liechtenstein, Iceland or Norway
• use at least 70% of transferred funds from the UK to provide a pension for life and the pension normally can't start earlier than age 55

Scheme set up by an international organisation

If the scheme is set up by an international organisation such as the United Nations it doesn't have to meet either the tax recognition or the regulated pension scheme conditions as long as both the following apply:

• the scheme was set up to provide pension benefits for employees of the international organisation
• at least 70% of funds transferred from the UK must be used to provide a pension for life and the pension normally can't start earlier than age 55

The clause highlighted in red is applicable to us

Recognised overseas pension scheme conditions

If non-residents can get tax relief on pensions paid by the scheme, the same tax reliefs must be given to members who are tax-resident in the country. In addition the scheme must meet at least one of the following conditions:

• The scheme is set up in an EU member state, Liechtenstein, Iceland or Norway.
• The scheme is set up in a country (other than New Zealand) and the UK has a double taxation agreement with that country that contains exchange of information and non discrimination provisions.
• The scheme is a 'KiwiSaver' scheme in New Zealand.
• The scheme must be open to people resident in the country where it's established. At least 70% of funds transferred from the UK will be used to provide a pension for life and the pension normally can't start earlier than age 55.

The clause highlighted in red is applicable to us

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