Updated List of Recognised Overseas Pension Schemes

HMRC have added 56 schemes to their latest list of schemes that believe they meet the conditions to be a Recognised Overseas Pension Scheme (ROPS). However, it is important to note that HMRC do not guarantee that the schemes are compliant.

HMRC will usually pursue any UK tax charges (and interest for late payment) arising from transfers to overseas entities that do not meet the ROPS requirements even when they appear on this list. This includes where taxpayers are overseas. HMRC will also charge penalties in appropriate cases.

Tax relief is given on pensions to encourage saving to provide benefits in later life. Accessing benefits (directly or indirectly) before age 55 will result in a liability to UK tax charges in all but the most exceptional circumstances. You should seek suitable professional advice including from a regulated financial adviser.