QROPS Application Process

There are three main stages:

STAGE 1 – PRE-APPLICATION

Client receives financial and tax advice from an approved Professional Adviser regarding QROPS.
Professional Adviser applies to existing (ceding) pension scheme for their Transfer Application / Discharge Forms (for an Overseas Pension Scheme)

Professional Adviser advises and assists the Client (now Applicant) in completing the QROPS Membership Application.
Professional Adviser ensures the Application (and Annex if required) is completed in full and accompanied by:
- A duly certified and clear copy of Applicant's Passport.
- An original or duly certified and clear copy of Applicant's recent utility bill (issued in the last 3 months).
- Existing pension scheme(s) Transfer Application / Discharge Form(s) to an Overseas Scheme with the relevant sections completed.
- A completed Investment Policy Statement
- A completed Deed of Indemnity (either the Investment Deed of Indemnity or the Offshore Bond Indemnity).
- A Letter of Authorisation (completed by Applicant) granting permission to communicate with each of the Applicant's existing accounts (letter required for each existing account).

Applications will not be processed unless all relevant information has been received.

If successful, the Applicant will receive a Letter of Acceptance. At this stage they are formally a Member and the Trustees open the relevant investment accounts in readiness to accept the Applicant's (now Member's) funds.
When all transfers are complete, the account is consolidated, fees deducted and a Fund Status report is sent to the Member and Professional Adviser.