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Update: Please be aware that despite the Coronavirus (COVID-19) pandemic, we are operating as usual and our partners will be conducting initial consultations online and by telephone.

When can I access my QROPS?

“I transferred my pension to a QROPS scheme when I moved abroad. What is the soonest I will be able to access it?”

When can I access my QROPS?

Accessing a QROPS (Qualifying Recognised Overseas Pension Scheme) is dependent on the individual’s circumstances and the scheme's rules.

Most often, you will be able to access your pension at the age of 55. A QROPS enables clarity to exactly what your funds are, due to it allowing all your pensions to be transferred to one place and allowing easy online access wherever and whenever you want.

If you have not taken a lump sum from your pension already, a QROPS will allow you to draw up to 30% from the age of 55, providing that you have been offshore for more than 5 full tax years. If you have been offshore for less than 5 tax years, the amount drawable will decrease to 25%.

Despite what some QROPS providers may claim, generally it is not possible to access your pension through a QROPS before the age of 55 (except in ultra-exceptional circumstances). This is because to qualify as a QROPS, the pension scheme must meet the UK pension rules. Therefore, if a scheme that is on the QROPS list offers the opportunity to take your pension funds early (for example), it will be removed from the official QROPS list and penalties be applied to anybody transferring their pension to the scheme.

Last updated: 3 September 2020