Jan 2018
19
Recognised Overseas Pension Schemes notification list
The list of Recognised Overseas Pension Schemes (ROPS) notifications has been updated. 17 schemes have been added and 1 scheme has been removed. This is a list of workplace pension schemes that have told HMRC they meet conditions to be a ROPS and have been asked to be included on the list.
The ROPS notifications list is updated and published on the 1st and 15th day of each month. The list will be published on the next working day if this date falls on a weekend or UK public holiday. From time to time, the list is updated at short notice to temporarily remove schemes while reviews are carried out. For example, this could be when there is suspected fraudulent activity.
The requirements for ROPS changes from 6th April 2017.
You need to meet the new requirements on or after the date you transfer from one scheme to another. HMRC can’t guarantee these are ROPS or that any transfers to them will be free of UK tax. The responsibility lies with you to find out if you 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 don’t meet the ROPS requirements even when they appear on this list. This includes where the ROPS requirements have changed and where taxpayers are overseas. HMRC will also charge penalties in appropriate cases.
Related Articles:
