Qualifying Recognised Overseas Pension Schemes (QROPS) were introduced in 2006 as a legitimate way to move frozen UK pension benefits offshore.

They were introduced for those who have worked in the UK, and contributed to a pension whilst working there, but no longer live in the UK and have no intention of returning. They have no real benefit for those likely to retire in the UK and are not a way to convert a pension to cash, get access to the benefits early or use the pension to purchase residential property.
 
For those retiring overseas, a QROPS may offer several benefits: 
 
QROPS remove the current compulsion to purchase an annuity with 75% of the pensions value. Annuities remain very unpopular in the UK as they do not offer great value to money or access to the residual value on death. Also, it is still possible to take up to 25% of the pensions value as a lump sum. 
 
As there is no annuity provider who has to make a profit, you can often receive a higher gross income - possibly up to 120% of what an annuity provider would offer.
 
Additionally, QROPS income is not subject to UK taxation as an income is which has come directly from a UK pension scheme. Some jurisdicitions do not tax retirement income at source and, if the country where they live does not tax overseas retirement income, there may be no tax on the income whatsoever.
 
Lastly, as an annuity is not being purchased, any money not taken as retirement income (or a lump sum) remains part of your pension until your death. Unlike a UK pension, it is then passed on to your beneficiaries rather than becoming profit for an annuity provider.
 
However, if you have a final salary pension scheme or protected rights, transferring to a QROPS may not always enhance your pension benefits so it is worth checking before starting the transfer process.