What is QROPS?
A Qualifying Recognised Overseas Pension Scheme or QROPS is recognised as an overseas pension scheme that meets certain requirements set by the UK tax department, His Majesty’s Revenue and Customs (HMRC).
Garrison Bridge is classed as an overseas pension scheme under the UK Finance Act 2004 and meets the conditions to be a QROPS.
- Withdrawals from age 55* or;
- Flexible access to funds from age 55*
The rules
New Zealand
Garrison Bridge applies the regulations set out by HMRC for Recognised Overseas Pension Schemes.
- No withdrawals before age 55* (with the exception of Serious Illness)
- Flexible access to funds from age 55* (if allowed by the UK pension fund)
- If you’ve turned 55 and want to make a withdrawal as part of transition to retirement, your payments will be made through periodic payments and subject to maximum withdrawal amounts
HMRC
Garrison Bridge adhere to the rules set out by HMRC for a Recognised Overseas Pension Scheme. Garrison Bridge is compliant with the 10 year reporting period to HMRC for UK pension transfers.
*From 6 April 2028 the UK normal minimum pension age at which benefits can be taken will change from 55 to 57 for all individuals who are not aged at least 55 on that date.