Transfers: transfers to a QROPS: member actions - Information they have to provide after the transfer to a QROPS
Members still need to give information to the transferring scheme administrator and scheme managers after the transfer has been made to a qualifying recognised overseas pension scheme (QROPS). They need to provide information when they stop or start being resident in a country after the transfer.
This information from the member helps alert the scheme administrator or scheme manager to the fact that a repayment of the overseas transfer charge is due or that a transfer is now subject to the charge.
Regulation 11BB Registered Pension Schemes (Provision of Information) Regulations 2006 - SI 2006/567
Regulation 3AF The Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006 – SI 2006/208
Members must provide information about when they stop or start being resident in a country or territory if:
- the overseas transfer charge arose on the transfer,
- the transfer made on or after 9 March 2017 wasn’t subject to the charge because the member was resident in the same country or territory as that in which the QROPS was established, or
- the overseas transfer charge did not arise on the transfer as the QROPS was established in a country within the European Economic Area (EEA) and the member was also resident in an EEA country
However members only need to do this when they stop or start being resident in a country or territory within the relevant period (see PTM102200) for the transfer.
The member must do this within 60 days of becoming (or ceasing to be) resident, or 30 June 2017 if this is later.
Where the relevant transfer to a QROPS was a recognised transfer from a registered pension scheme the member must tell:
- the transferring registered pension scheme administrator, and
- the scheme manager of the QROPS that received the transfer
about the fact that they have stopped being resident, or have become resident, in a country or territory
Where the relevant transfer to a QROPS was an onward transfer (see PTM102200) to a QROPS the member must tell the scheme manager of both the transferring and receiving scheme about the fact that they have stopped being resident, or have become resident, in a country or territory.
Members can use form APSS 241, available from Gov.Uk, to do this.