The Recognised Overseas Pension Schemes (ROPS) 17 March 2025
The List is a must-read for all UK payroll and pensions professionals, updated twice monthly on the 1st and the 15th of the month, though this may change if those dates fall on a weekend or Bank Holiday.?
Sometimes, however, HMRC will update the List at other times ‘to temporarily remove schemes while reviews are carried out, for example where fraudulent activity is suspected’.?
The ROPS List contains details of all overseas pension schemes that have advised HMRC they want to be included on it.? ‘Recognise’ indicates that HMRC recognise the overseas pension scheme as being one that is eligible to receive transfers of UK pension benefits.? However, it does not mean that they are approved by HMRC or automatically qualify as a ‘qualifying scheme’ (a Qualifying Recognised Overseas Pension Schemes (QROPS)).??
But the scheme must be a ROPS before it can tell HMRC that it is a QROPS!
For information, the October 2025 UK Budget announced an alignment in HMRC’s treatment of transfers to Overseas Pension Schemes (OPS) and Recognised Overseas Pension Schemes (ROPS) where they are established in the European Economic Area (EEA).?
HMRC’s Pension Schemes Newsletter 167 details how HMRC will be writing to scheme managers in April 2025 to ensure the EEA-established OPS and ROPS must be in line with the conditions that apply to schemes established in the rest of the world.
On 17 March 2025, HMRC’s update notification says there have been 28 schemes added and 16 removed:?
So, here is my analysis of the details provided within the List but overwritten 2 weeks later.? The updated List of 17 March 2025 contains the following changes from the ROPS List published 03 March 2025.
No changes.
As above, just because it meets the criteria to be recognised by HMRC (ROPS) does not mean that the scheme is qualifying (a QROPS).?
Where the List is used, please ensure you look at every update, as HMRC’s current team of civil servants in charge of updating the ROPS list have refused to change the way that they work.? Whilst details are contained within the list, these are overwritten the next time the list is updated.??
So, in the absence of the details, professionals must constantly monitor the list every time it comes out for fear that they will miss important information.