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There are largely two main types of wrappers for your pension benefits if you are not working in the UK. Although the providers and benefits vary massively, the generic descriptions are below:
It is important to state that although the HMRC recognise the schemes, there are no planned regulations on individual or companies advising in this market place. It is therefore important for you to take some time to read the important points on QROPS,. To find a list of approved schemes, follow this link to the HMRC
http://www.hmrc.gov.uk/pensionschemes/qrops-list.htm
International Sipp
A Self-Invested Personal Pension (SIPP) is the name given to the type of UK government approved personal pension scheme, which allows individuals to make their own investment decisions from the full range of HM Revenue & Customs (HMRC) approved investments.
SIPPs are a type of Personal Pension Plan. Another subset of this type of pension is the Stakeholder Pension Plan. SIPPs, in common with personal pension schemes, are tax “wrappers”, allowing tax rebates on contributions in exchange for limits on accessibility. The HMRC rules allow for a greater range of investments to be held than Personal Pension Plans, notably equities and property. Rules for contributions, benefit withdrawal etc., are the same as for other personal pension schemes which are based on earnings and domicile status.
A Qualifying Recognised Overseas Pension Scheme (QROPS) is any scheme recognised by HMRC as meeting standards and conditions equivalent to a UK pension. This approval allows anyone with a UK registered pension who is living outside the UK, or is intending to leave the UK, to transfer their UK registered pension offshore.
To be a QROPS, a scheme must meet various prescribed conditions. These relate to the location in which the scheme is established, how it is regulated, and the benefit options available.
