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HMRC internal manual

Pensions Tax Manual

International: qualifying recognised overseas pension schemes (QROPS): information to members and other schemes

Glossary PTM000001
   

Information to be provided to a QROPS scheme manager on transfer to another QROPS
Information to be provided to a member on transfer to a QROPS
Information to be provided about the member flexibly accessing their pension savings
Tell the member if the overseas transfer charge arises due to a change in circumstances
Tell the member if a repayment of the overseas transfer charge becomes due
What happens if the scheme manager does not provide information

Information to be provided to a QROPS scheme manager on transfer to another QROPS

Regulation 3AD The Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006 - SI 2006/208

When a qualifying recognised overseas pension scheme (QROPS) makes a transfer to another QROPS that includes all or part of a member’s:

  • relevant transfer fund
  • UK tax-relieved fund, or
  • one or more ring-fenced transfer funds

the scheme manager must give a transfer statement to the receiving QROPS scheme manager.

This transfer statement must be provided before the end of 91 days beginning with the date of the transfer to the receiving QROPS.

PTM103150 provides full guidance on the content of these transfer statements.

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Information to be provided to a member on transfer to a QROPS

Regulation 3AG(1) and (2) The Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006 – SI 2006/208

Where an onward transfer is made during the relevant period (see PTM102200) the scheme manager must give the member a transfer notice within 90 days of the transfer.  The information to be included in the transfer notice depends on whether or not any part of the transfer was subject to the overseas transfer charge.

PTM103150 provides full guidance on the content of the transfer notice to the member.

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Information to be provided about the member flexibly accessing their pension savings

When a member flexibly accesses benefits on or after 6 April 2015 they become subject to the money purchase annual allowance rules (see PTM056510). This includes when a member flexibly accesses their benefits under a QROPS.

QROPS scheme managers are required to provide information to members and to other scheme managers or scheme administrators of registered pension schemes. PTM166300 and PTM166700 provide guidance on these information requirements.

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Tell the member if the overseas transfer charge arises due to a change in circumstances

Regulation 3AG(4) The Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006 – SI 2006/208

A recognised transfer into the QROPS, or an onward transfer out of the scheme, may initially have been excluded from the overseas transfer charge and then the tax charge arises due to a change of circumstances after the transfer.  PTM102400 explains when this may happen.

Where this occurs the scheme manager must give the member a notice about this within 90 days after the date of being notified of the event causing the overseas transfer charge to arise. 

PTM103150 provides further guidance on this requirement.

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Tell the member if a repayment of the overseas transfer charge becomes due

Regulation 3AG(4) The Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006 – SI 2006/208

A recognised transfer into the QROPS, or an onward transfer out of the scheme, may initially have been charged to the overseas transfer charge and then, due to a change of circumstances, the tax has now become repayable.  PTM102600 explains when this may happen. 

Where this occurs the scheme manager must give the member a notice about this within 90 days after the date of being notified of the event causing the overseas transfer charge to be repayable. 

PTM103150 provides further guidance on this requirement.

What happens if the scheme manager does not provide information

If the scheme manager fails to make the reports within the required time, HMRC can exclude the scheme from being a QROPS - see PTM112500.