Qualified Recognized Overseas Pensions Scheme (QROPS) Can’t be Transferred to an IRA or a 401k Including a Self-Directed Solo 401k

What is a Qualified Recognized Overseas Pensions Scheme (QROPS)?

A QROPS is a pension arrangement sanctioned by Her Majesty’s Revenue and Customs (HMRC) agency and set up outside the United Kingdom (UK). It is used by individuals who permanently leave to the UK to take their pension savings with them to their new country of residence. If you’re considering retiring abroad, and have UK pension provisions, a QROPS allows you to transfer your pensions abroad, within the jurisdiction of your choice.

Can’t Transfer a QROPS to an IRA or a 401k Including a Solo 401k Plan

Because a QROPS are not U.S. retirement plans so not deemed a “qualified trust” as described in Internal Revenue Code Section 402(c)(4), they cannot be transferred to an IRA or a solo 401k plan. See An IRS advice memorandum AM2008-009.

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About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

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