A QROPS is a pension plan that; "Qualifies" with HM Revenue and Customs (HMRC) rules, is officially "Recognised" by HMRC, is "Overseas", i.e. outside of the UK and is set up in trust as a legal "Pension Scheme", hence the acronym. A QROPS therefore, can accept a UK pension transfer just like any UK based scheme.
The capacity for QROPS to simplify an individual's retirement has assisted as well. With a QROPS, it is much easier to switch from out-of-date arrangements, and consolidate a number of pension schemes under one roof.
For most people, their pension is probably their second most valuable asset after their family home, so benefits really make a big difference, and can dramatically improve life in retirement.
What are the key benefits of a QROPS through RGI?
Consolidation of multiple pensions
Flexible choice of currency
Funds fully conferred on to heirs after death (after five full years of non-UK residence)
Investment flexibility and freedom
No obligation to buy an annuity
Possibility to allay UK income tax or death charges of up to 45%