The nitty gritty of QROPS

Over the last few articles I have been looking at the advantages of transferring a UK registered pension fund to a QROPS. This month, I want to look at some pitfalls that advisers need to be aware of before recommending such a course of action. Transferring to a QROPS may result in the loss of certain protected rights, including contracted-out rights, or rights accrued under a defined benefit scheme. Before transferring protected rights, the UK pension trustees must: - get written confirmation from the member that he understands that the overseas scheme might not give the same degree of...