I’m Unhappy With My QROPS, What Should I do?
📚 QROPS Guidance Series (2025/2026)
This series brings together the most important guidance for British expats and returning UK residents with overseas pensions. From understanding the latest HMRC rule changes to deciding whether to keep your QROPS or move to a UK SIPP, these articles provide clear, practical insights to help you make confident financial decisions.
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- QROPS Guide for Expats – Understand Your Options (2025/2026 Edition)
- Are QROPS Still Suitable in 2026?
- QROPS Advice: How New HMRC Rules Could Impact Your Overseas Pension Transfer
- Evaluating Expat Pension Options – Should I Keep My QROPS or Move to a UK SIPP?
- QROPS Explained: How the 5-Year Rule Affects Your Overseas Pension
- I’m Unhappy With My QROPS – What Should I Do?
- How to Choose the Right QROPS Adviser
- QROPS Poland: Should British Expats Review or Transfer Their UK Pension?
Are you feeling uneasy about your current QROPS (Qualifying Recognised Overseas Pension Scheme?)
It’s not uncommon.I have spoken to numerous expats who have to find themselves questioning the performance and suitability of their QROPS.
But fear not!
Here’s a comprehensive guide to understanding the intricacies of QROPS and steps you can take if you’re not entirely satisfied with your current plan.
Understanding QROPS: Aligning It With Your Goals
The core purpose of a QROPS is to efficiently manage your pension savings. Ideally, if you have already relocated or are planning to retire abroad.
The effectiveness of a QROPS is primarily judged by its investment returns and how well it integrates with your retirement goals and risk tolerance as well as current pension and tax rules
It’s crucial to periodically evaluate these aspects to ensure your pension is working hard for you.
QROPS Red Flags: What to Watch Out For
Awareness is key. There are several red flags that should prompt a closer examination of your QROPS:
🚩 Questionable Origins
Reflect on how you discovered your QROPS.
Were you approached with enticing offers about unlocking ‘frozen’ pensions or tax benefits?
These promises might be too good to be true.
🚩 Understanding The Costs
It’s vital to have a clear understanding of all associated fees.
A reputable financial advisor should always be transparent about both upfront and ongoing costs.
🚩 Commission-based Products
Were you advised to transfer your UK pensions into a QROPS wrapped in a commission-based insurance bond from the likes of Quilter/Old Mutual, RL360, Friends Provident or Generali/Utmost?
This often results in reduced flexibility and diminished support after the initial commission is paid.
🚩 Stagnant Pension Fund Value
If your pension value hasn’t grown as expected, high annual costs, sometimes as much as 7%, could be eroding your investment returns.
🚩 Complex Investment Products
Be cautious if you’ve been sold investments with guarantees, like structured products.
These are typically not suitable for the average pension holder due to their complexity.
🚩 Excessive Portfolio Movement
Frequent changes in your investments without improved performance can indicate ‘churning’, where you end up paying commissions unnecessarily.
Taking Action: How to Improve Your QROPS
If your current QROPS leaves you wanting, there are steps you can take:
1. Seek a second Opinion from an expert. A fresh perspective can often unearth opportunities for improvement.
2. Demand transparency. You should always work with an adviser who provides clear, transparent advice.
Understanding where your money is going and why is paramount.
3. Realign with your goals. Ensure your QROPS is attuned to your long-term retirement objectives.
A scheme that was once a good fit may no longer serve your current needs.
A Practical Guide for British Expats Reviewing Their Overseas Pension
Download my FREE QROPS Checklist
If you set up a QROPS several years ago, it may no longer be suitable for your circumstances. The rules have changed, costs may have risen, and your residency or tax position might be different. This checklist helps you quickly assess whether your QROPS still fits your goals or whether it’s time to seek professional advice.
❓ Frequently Asked Questions
What should I do first if I’m unhappy with my QROPS?
The first step is to request a full fee breakdown and performance report from your trustee. Many issues stem from high charges, poor communication, or outdated structures.
Can I transfer my QROPS into a UK-regulated SIPP?
Yes. Many expats repatriate their QROPS into a UK SIPP or International SIPP to reduce fees and regain FCA protection.
Will I pay tax if I transfer out of my QROPS?
Most transfers between recognised schemes are tax-neutral. However, you must confirm whether the Overseas Transfer Charge applies.
How do I know if the Overseas Transfer Charge applies?
The 25% charge applies when your country of residence is different from the QROPS jurisdiction. If both match, the charge is usually avoided.
Can QROPS fees increase over time?
Yes. Some older QROPS providers increase trustee fees annually, adding significant long-term cost. Reviewing these charges regularly is essential.
What if my adviser no longer works with my QROPS provider?
This is common. You can appoint a new adviser, conduct an independent review, or consider transferring to a simpler, regulated UK structure.
Is my QROPS still compliant with HMRC rules?
You should confirm your scheme is still on the official HMRC QROPS list. If it has been removed, action may be required to avoid future tax issues.
Can I keep my QROPS if I plan to move back to the UK?
You can, but once you return, your QROPS income is taxed in the UK and fees usually remain high. Many returning expats transfer to SIPPs for simplicity.
Are SIPPs safer than QROPS?
From a consumer protection standpoint, yes. SIPPs are regulated by the FCA and covered by the FSCS, offering a higher level of security.
How often should I review my QROPS?
Ideally every 12–18 months, or sooner if your residency, tax status, or adviser changes.
🧠 The Bottom Line
Your peace of mind in retirement is invaluable.
If your QROPS isn’t living up to expectations, it’s never too late to reassess and make the necessary adjustments.
With the right guidance and a proactive approach, you can steer your pension investments back on track, ensuring they align with your retirement aspirations.
Remember, it’s your future at stake, and staying informed and vigilant is the key to a secure and fulfilling retirement.
Talk to an Expert
If you’re unhappy with your QROPS – because of high charges, poor performance, complex products, or advice that no longer feels right – it’s important to know that you usually have options. The key is understanding them before you act.
I’m Ross Naylor, a UK-qualified Chartered Financial Planner and Pension Transfer Specialist with nearly 30 years’ experience helping British expats review QROPS arrangements, unwind unsuitable structures where appropriate, and put more transparent, cost-effective plans in place.
I firmly believe your location in the world should never be a barrier to expert, impartial, and transparent financial advice you can trust.
Whether you’re concerned about ongoing fees, complex investments such as structured notes, lack of flexibility, or what happens if you return to the UK, I’ll help you assess what you hold today and map out practical next steps – from staying put with changes, to restructuring, to exploring a transfer.
Book a confidential consultation