Disclaimer
Information provided on this website is general in nature and does not constitute financial advice. Every effort has been made to ensure that the information provided is accurate. Individuals must not rely on this information to make a financial or investment decision. Before making any decision, we recommend you consult a financial adviser to take into account your particular investment objectives, financial situation and individual needs.
When can I move my money out of the QROPS?
Transferring your pension into a registered QROPS scheme triggers the need to be in a QROPS for five full UK tax years (as a minimum). HMRC also has a 10-year reporting requirement. During this period any money moved into a non-QROPS within the relevant period will trigger an unauthorised payment charge of up to 55%.
In this short video, QROPS transfer specialist, Scott Noell discusses QROPS withdrawal rules. Including:
- QROPS 5-Year Rule
- QROPS 10-Year Rule
