QROPS

A Qualifying Recognised Overseas Pension Scheme (QROPS) is a plan established outside the UK which satisfies conditions prescribed by Her Majesty’s Revenue and Customs (HMRC). Introduced in April 2006, the QROPS has a number of tax advantages for both UK and non-UK residents with UK pension schemes.

The Dominion QROPS was established under Maltese pension legislation, is fully regulated by the Malta Financial Services Authority and audited by KPMG. It is recognised by the HMRC as a QROPS and is permitted to accept transfers from UK registered pension schemes. Some of the advantages of using a Dominion QROPS based in Malta are:

• Enhanced security with Malta being an EU member
• No requirement to mirror UK pension rules
• Retirement benefits may be withdrawn from age 50-70
• Up to 30% of the value of a member's account may be drawn as a cash lump sum at the time benefits become payable
• Assets can be held, invested and paid in any major currency of choice
• Flexible income drawdown rules with no requirement for 70% of the transfer fund to be used to pay a pension

For further information on the Dominion QROPS please visit  www.dominionqrops.com or contact a member of our New Business Team.

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