So if your QROPS scheme is on the HMRC QROPS list does that mean the scheme is endorsed by the HMRC? No - and HMRC makes the facts quite clear on a disclaimer at the top of the list, which can be downloaded from the HMRC web site (http://www.hmrc.gov.uk/pensionschemes/qrops.pdf)
When a UK pension scheme receives notification that a member via an intermediary such as a QROPS adviser wishes to initiate a QROPS transfer, they must first check that the chosen foreign pensions have QROPS status by checking on the HMRC's QROPS list. This QROPS list is updated twice a month and indexes schemes from jurisdictions all over the world, from the Isle of Man to New Zealand. However being on the list does not automatically assure the quality of the scheme.
The HMRC publish the QROPS list twice a month and the QROPS list contains the names of about 1,400 QROPS providers worldwide.
Before transferring any money, the UK pension scheme must confirm the QROPS scheme is on the latest HMRC QROPS list.
If it is, the transfer can proceed.
If not, the UK pension scheme has to get a letter from the QROPS provider confirming a check can be made with HMRC to find out whether the QROPS has told the taxman the scheme meets all the rules but prefers not to have their name published on the QROPS provider list
You can download the latest HMRC QROPS list here.
