The QROPS programme was launched on 6 April 2006 as a direct result of EU human rights legislation with regards to freedom of capital movement.
A Qualifying Recognised Overseas Pension Scheme, or QROPS, is an overseas pension scheme that meets certain requirements set by HMRC. A QROPS can receive transfers of UK Pension Benefits without incurring an unauthorised payment and scheme sanction charge. A QROPS can be appropriate for UK citizens who have left the UK to emigrate permanently and intend to retire abroad having built up a UK pension fund. UK state pensions cannot be transferred, but personal pensions, preserved occupational schemes and SSAS can be transferred into a QROPS. A QROPS does not have to be established in the country you retire in, rather you can move your pension to a tax efficient jurisdiction and have your pension paid into the country of your choice.
QROPS are increasingly popular with British expats due to currency and investment flexibility, the tax advantages they offer when drawing pension benefits and their ability to be transferred to beneficiaries of choice in the event of death.