What look like extensive changes to Qualifying Recognised Overseas Pension Schemes (QROPS) reporting rules are less radical than they seem at first sight.
HM Revenue & Customs (HMRC) has updated a batch of reporting forms for QROPS managers, but only added or amended a few questions.
No date has yet been set for the start of the new QROPS reporting procedure, so the guidelines and legislation remain in draft form.
QROPS form updates
Here are the details of the changes form-by-form for QROPS scheme managers:
APSS 251
Is the QROPS a public service scheme?
APSS 251A
No new information is wanted – but time lit for reporting is 30 days after QROPS scheme details were changed or a mistake in the documentation was spotted. HMRC has the freedom to negotiate time limits with scheme managers
APSS 251B
Question 10 – if the scheme member has no UK national insurance number, any HMRC reference number should be provided
APSS 253
This is the form with the most changes.
One new question is added, asking the date the scheme member left Britain and confirming their home address is outside the UK.
Several other details are updated – such as requesting the HMRC reference if the member has no national insurance number, their full date of birth instead of just the year and whether any transfer funds remain after making any payments.
HMRC also wants to know details of any pension payments after the member’s death – like who the payment went to, their name, address and HMRC reference or national insurance numbers.
Draft forms
Draft copies of the forms and guidance notes for completing them are available on the HMRC web site –
- APSS251 – Qualifying Recognised Overseas Pension Scheme (QROPS) – notification to HM Revenue & Customs (PDF 936K)
- APSS251 (Notes) – Qualifying Recognised Overseas Pension Scheme Notes for completing form APSS251 (PDF 817K)
- APSS251A – Qualifying Recognised Overseas Pension Scheme (QROPS) – Change of details (PDF 78K)
- APSS251B – Qualifying Recognised Overseas Pension Scheme change in status and notification of fund value (PDF 796K)
- APSS251B insert – Qualifying Recognised Overseas Pension Scheme Notification of fund value – insert (PDF 732K)
- APSS253 – Qualified Recognised Overseas Pension Scheme Payments in respect of relevant members (PDF 713K)
- APSS253 insert – QROPS payments in respect of relevant members additional page for APSS253 (PDF 664K)
- APSS262 – Qualifying Recognised Overseas Pension Scheme Transferring UK tax–relieved pension assets (PDF 896K)
- APSS263 – Qualifying Recognised Overseas Pension Schemes – Member information (PDF 803K)
- APSS263 Notes – Qualifying Recognised Overseas Pension Scheme Notes for completing form APSS263 (PDF 601K)
