How long does it take to get a QROPS?

How long does it take to get a QROPS? The timescale depends on a number of issues.  

An hour

The first task that you have to perform when you are thinking about getting a QROPS is to find and read the documents that are related to your current UK pension arrangements. The time that this takes depends on how organised your paperwork is at home!

A couple of hours

The next thing to do is look for a QROPS adviser. If you look at a few when you are online, you may wish to consider how experienced firms are in dealing with overseas as well as UK based pensions. Other factors to take into account include the reputation of the firm that you choose, and the links that they have to the United Kingdom. Given that a scheme’s QROPS status depends on HMRC’s opinion of it, it is important to choose an adviser with strong links to the UK tax community.

24 hours or less

Once you have chosen an adviser, they should take less than 24 hours to get back to you, and obtain details from you about your current scheme. Depending on how straightforward or complicated your financial situation is, your adviser will then shop around the QROPS market on your behalf.

If you have chosen an independent QROPS adviser, they will have the world’s market to look around. A seasoned adviser will have years of experience to draw on to find the best QROPS for you.

4 to 6 weeks

When you sign up to use a QROPS adviser, you may be asked to sign a release letter, which authorises the adviser to deal with your pension scheme and open a new one on your behalf. Accordingly, assuming that your current pension scheme deals with the adviser in a timely manner, the transfer may be complete within 4 to 6 weeks.