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FALKLAND ISLANDS PENSION SCHEME AWARDED QROPS STATUS

The Falklands Islands Pensions Board is pleased to announce that HM Revenue & Customs in the United Kingdom has approved the Falkland Islands Pensions Scheme (FIPS) as a Qualifying Recognised Overseas Pensions Scheme (QROPS).

QROPS status will allow existing UK-registered pension scheme funds to be transferred to members’ funds held in FIPS. For those FIPS members who reside in the UK, a transfer from their FIPS fund to their UK pension scheme should also be easier.

QROPS status does not, however, apply to the Retirement Pensions Contributions (RPC) scheme which is the mandatory pension system for employees in the Falkland Islands.

FIPS is included on the HMRC website of schemes with QROPS approval:

https://www.gov.uk/government/publications/list-of-qualifying-recognised-overseas-pension-schemes-qrops

If you have any questions regarding the QROPS status or about transferring your pension, please contact Jody Aldridge, Senior Accounting Assistant at the Treasury on 28416 or email pensions@sec.gov.fk