Reward Strategy. Incoporating Payroll World.

Recognised Overseas Pensions Schemes

Where transfers of funds are made from a UK-registered pension scheme to an overseas one, that overseas scheme must be ‘recognised’ by HMRC to maintain UK tax benefits. HMRC publishes an updated list of overseas pension schemes that have told them they meet the necessary criteria to be a Recognised Overseas Pension Scheme (ROPS).


The list only includes those ROPS that have asked to be included on the list; therefore, it might not contain all recognised schemes. That is why it is called a list of notifications, i.e. a list of ROPS that have been notified to HMRC for inclusion on the list.


It is important that professionals are aware of this list and the link on where the most recent information can be found. It is also important that the same professionals know that the list is updated on the 1st and the 15th of each month.


I have advised in the past that it is not really necessary to publish newsletters every time there are changes, even though this does fill space in weeks where news is scarce. Newsletters should be educating professionals on where to get the information for themselves and/or analysing the information rather than just replicating or spoon-feeding – although, in October 2017 there have been three updates to the ROPS list:


01 October 2017

  • 16 schemes added and
  • 4 removed


10 October 2017

  • 7 schemes added
  • 1 removed and
  • 14 amended


15 October 2017

  • 15 schemes added
  • 3 removed and
  • 1 amended


So, having said there is not really a need for newsletters to publish updates to this list as long as professionals are empowered to look for themselves, maybe there is a need if HMRC cannot keep to its previously advised timescales! Even so, the newsletter needs to come with the advice that the list may not cover all ROPS and there is no guarantee that tax benefits are maintained, even if it is on the list.


Also, with regards which schemes have been added, removed and amended, perhaps one day the link will actually tell us which schemes these are!

Add New Comment
You must be logged in to comment. Login or Register to access enhanced features of the website.

You might also like

Women face double discrimination of age and gender bias

Women face double discrimination of age and gender bias

Former pensions minister: When will the industry wake up?

Former pensions minister: When will the industry wake up?

Financial education for children proves impactful

Financial education for children proves impactful

Pensions minister says “get dashboard data ready” 

Pensions minister says “get dashboard data ready” 


Reward Strategy homepage
Reward Strategy RSS

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback - an online news and information service for the UK’s payroll, reward, pensions, benefits and HR sectors. is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Reward Strategy is committed to diversity in the workplace.
© Copyright Shard Financial Media Ltd