In February HMRC announced that the online service for managing qualifying recognised overseas pension schemes (QROPS) will close on 5 April 2017.
Managers and administrators of pension schemes must report information to HMRC about overseas pension schemes, including transfers to and payments from QROPS. From 6 April 2017, they must use the existing forms and reference material to do this, as the QROPS online service will be no longer available.
We queried this with HMRC, as we wondered why QROPS reporting is moving back to a paper system when for so many other services HMRC’s strategy is firmly in the digital direction.
HMRC has explained that the reason is simply that due to the pace and volume of the changes made to the QROPS forms, it has not been possible to replicate these in the online system. Therefore, to avoid having to reject forms and ask for more information, HMRC felt that removing the service altogether would provide a better customer journey.
As part of its wider digital strategy HMRC will be looking to provide an updated and more streamlined online service for QROPS in the future.