A Qualifying Recognised Overseas Pension Scheme (QROPS) is a scheme which notifies Her Majesty’s Revenue and Customs (HMRC) that it fulfils the requirements for being a recognised overseas pension scheme.
A QROPS allows an individual with a UK registered pension who is retiring outside the UK, or is intending to permanently leave the UK, to transfer their pension overseas without giving rise to an unauthorised payments charge liability or a scheme sanction charge on the scheme.
The Aurora QROP Schemes are open to both local resident and non resident members and offer tax efficient pensions. QROPS status requires some permanent undertakings to be given to HMRC along with the reporting of deemed payments and certain other events.