HMRC has launched an online service to offering overseas scheme managers and UK scheme administrators a quicker and more secure way to meet their reporting requirements for qualifying recognised overseas pension schemes (QROPS).

Overseas scheme managers can use the online service to notify and/or re-notify HMRC that the scheme is a recognised overseas pension scheme; report payments made out of funds received from a UK pension scheme; report change of details; report change in status and notification of fund value; and report any additional information required for schemes that were formerly QROPS.

HMRC says the online service makes it easier for overseas scheme managers to send reports about multiple transfers/members in one go. If a scheme has previously been notified to HMRC as a QROPS, HMRC will write to the scheme's managers with the ID and activation details needed to enrol for the online service. This is likely to happen in early January 2014, and HMRC is advising scheme managers not to use the new service until they have received their enrolment details, or they will not be connected to the schemes already notified.

UK scheme administrators can use the QROPS online service to notify HMRC that a UK registered pension scheme has transferred sums or assets to a QROPS. The online service is accessed via the scheme homepage on the Pension Schemes Online system using existing details and ID.

QROPS scheme managers and UK scheme administrators can continue to meet their reporting obligations using the existing paper process or use the new online service. There is more information about QROPS online HERE