What Are QROPS?
QROPS (Qualifying Recognised Overseas Pension Schemes) were introduced in 2006. They are a type of pension that exists outside the UK, but which receives its funds from a pension fund within the UK.
QROPS pensions proved popular because, depending on the tax arrangements at the QROPS’ location, they could help you lower your tax burden.
QROPS were always subject to rules set by HMRC, but recently a number of the schemes have been closed down, either because they failed to comply with HMRC’s rules, or because they were being used to exploit tax loopholes.
Is My QROPS Scheme Secure?
Possibly not. Schemes that fail to follow the rules will be (or have been) declared unlawful. And with opposition growing to high profile tax avoidance schemes such as QROPS, even those schemes currently on HMRC’s ‘accepted’ list may not remain accepted. A change of legislation could render any scheme unlawful.
If your QROPS pension is declared in breach of legislation, any transfers you make to it will be treated as ‘unauthorised’. The penalties could be severe:
- Unauthorised transfers will be taxed at 55%
- The heavy commissions you pay to your QROPS management company or fund manager will effectively be for nothing
- By transferring funds out of your UK pension, you will have lost the benefits of that fund, whilst incurring penalties with the new one
Can I Claim QROPS Compensation?
Like all forms of pension mis-selling, if you have suffered financial loss, there are a number of ways you could demonstrate that you were mis-sold or mis-advised:
- Your personal circumstances were not properly considered at the time
- You were not told about the risks of QROPS
- You were advised to transfer your entire pension savings into QROPS
- You were advised that transferring your pension was necessary
If you think you may have a claim for QROPS compensation, call Claim Experts now on DETAILS.
Mis-sold QROPS Compensation – How Much Will I Get?
The aim of any pension miss-selling compensation is to return you to the financial position you would have been in, but for the miss-selling.
Calculating the amount of QROPS compensation you may be entitled to is complex, but it could amount to £000s.
Remember, if you don’t win your claim, you won’t pay us anything. And there’s nothing to pay upfront.
See if you have a pension mis-selling claim now. Complete our quick enquiry form for a free no obligation review of your pension.
Why Work With Us?
ClaimExperts.co.uk deals with all forms of pension and investment mis-selling and compensation.
If you received incorrect advice about transferring your pension to a QROPS scheme, or about any other element of your pension or investments, we can help.
We’re regulated by the Solicitors Regulation Authority. We don’t talk legal jargon. And we keep the lines of communication open – so if you need to talk to us about your claim, you can.
We know that working out whether you have been affected by pension mis-selling or incorrect QROPS advice can be complex. We aim to make it simpler.
Talk To Us About Your QROPS Compensation Claim Now
See if you have a claim now. Complete the quick enquiry form today.