Financial loss on transfer to QROPS

Financial loss on transfer to QROPS

Individuals may have suffered financial losses investing or transferring their pension funds into a Qualifying Recognised Overseas Pension Scheme (QROPS). If you are similarly affected, then we would like to hear from you as we may be able to assist you in bringing a No Win No Fee claim to recover your losses. If this is the case, then please make a no obligation free enquiry on the form on this page for further advice.

We especially invite contact from anyone who has been invested in High risk or illiquid Non-Standard investments or into QROPS which have subsequently lost their QROPS status.

High Risk or Illiquid Non-Standard Investments may not have been explained to you in full:

  • Was the fund Classified for Professional Investors only and were you aware of this?
  • Were you fully aware that the investment sold to you was high risk and you may lose the entire amount invested?
  • Were you fully aware that the fund could possibly become illiquid for many years?
  • Does the investment have any conflicts of interest with the adviser who sold the investment and were you made aware?
  • Were you informed that should the investment fail you have little or no recourse to the Financial Ombudsman Service or the Financial Services Compensation Scheme?

Loss of QROPS Status – Can come with very high UK tax charges:

  • Did the transferring Scheme conduct adequate due diligence on the QROPS?
  • Did the Financial Adviser conduct adequate due diligence on the QROPS?
  • Has the QROPS invested in Residential Property?
  • Has the QROPS allowed an onward transfer to a non-QROPS?
  • Has the QROPS allowed benefits or connected loans to be taken before the age of 55?
  • Has the QROPS been reporting information to HMRC correctly?

We are aware of particular problems and instances of high levels of financial loss on non-standard investments provided by Qualifying Recognised Overseas Pension Scheme (QROPS). Furthermore, HM Revenue and Customs (HMRC) cannot guarantee that any transfer to a recognised pension schemes (ROPS) will be free of UK tax.

If you have lost money investing in or transferring your pension to a QROPS and have been invested in High risk or illiquid Non-Standard investments or the QROPS has lost its Status then we may be able to help you with a no win, no fee claim to recover your losses. If this is the case, then please make a no obligation free enquiry on the form on this page for further advice.