Does QROPS Still Exist in 2023?

Key Points

– QROPS can be transferred to Canada as of January 2023

– You must be age 55 or older to qualify

– There are many attractive benefits to transferring your pension

– Consult with a professional before making a decision to transfer

QROPS Overview

QROPS (Qualifying Recognised Overseas Pension Scheme) is a type of pension scheme that is recognized by the UK government and allows UK pension holders to transfer their pension savings to a scheme that is based in another country (e.g. Canada). QROPS were created to help UK pension holders who have moved or plan to move abroad to access their pension savings in a more flexible and tax-efficient way.

As of January 2023, QROPS still exists and is recognized by the UK government. However, the rules and regulations surrounding QROPS have changed in recent years, and the number of countries that are approved for QROPS has been reduced. The UK government has also introduced stricter rules for QROPS providers, including increased reporting requirements and stricter due diligence.

Luckily, Canada is back on the list of approved countries so it is currently possible to transfer your UK pension to Canada as long as your pension qualifies. If you are interested, you should act quickly because this window of opportunity can close at anytime as it has in the past.

There are a number of benefits of a QROPS being transferred to Canada which include reducing the risk of currency fluctuations, tax free spousal roll over, investment options, naming beneficiary, no tax liability to the UK, estate preservation and more.

Another benefit of QROPS is that they can offer more flexibility in terms of how pension savings are invested. UK pension schemes tend to have more restrictive investment options whereas QROPS can offer a wider range of investments, including stocks, bonds and cash.

QROPS can also offer tax advantages for UK pension holders living abroad. In some cases, transferring a pension to a QROPS can result in a lower tax bill, as the pension is subject to the tax laws of the country where the QROPS is based, rather than the UK.


As of January 2023, you are able to transfer a QROPS to Canada as long as you are age 55 or older and meet all of the criteria to qualify. HM Revenue & Customs (HMRC) can make changes to this at anytime as it is revisted on the 15th of every month.

You should carefully analyze your financial situation and goals with a professional before deciding to transfer your UK pension to Canada.

Please contact us today for a free consultation to discuss further.