Recognised Overseas Pension Schemes (ROPS)

The Recognised Overseas Pension Schemes (ROPS), is a list of pension schemes that have notified HMRC that they meet the conditions to be a ROPS, and have asked to be publicly listed. The list is usually published twice monthly to update new and removed schemes. In the most recent update on 1 December 2018, 27 ROPS were added to the list and 1 was removed.

The requirements to be a ROPS changed on 6 April 2017. HMRC wrote to some scheme managers of qualifying recognised overseas pension scheme (QROPS), requesting information about their scheme and to confirm that their QROPS meets the revised requirements of a ROPS.

It is the taxpayer’s responsibility to find out if they have to pay tax on any transfer of pension savings. 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. HMRC also charges penalties in some cases.

Certain transfers to QROPS requested on or after 9 March 2017 are taxable at a rate of 25%. There are a number of exceptions such as where both the individual and the QROPS are in the same country, both are within the European Economic Area or the QROPS is an occupational pension scheme sponsored by the individual’s employer.


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