QROPS stands for Qualifying Recognised Overseas Pension Scheme and is a term used in the UK pension transfers. Her Majesty’s Revenue and Customs (HMRC) is the governing body that grants QROPS status.
A complying SMSF meets certain QROPS requirements automatically. However, an existing SMSF trust deed would need to be amended to satisfy certain restrictions in a QROPS.
In Australia, a member can withdraw from a super fund when a condition of release is met. The Australian rules allow access to super on financial hardship and compassionate grounds. The UK system has different restrictions for payments to members under 55 years of age.
The trustee of an SMSF will need to notify HMRC the intention to be registered as a QROPS, get approved and be listed on a ROPS list.