Complex sentence: A Qualifying Recognised Overseas Pension Scheme (QROPS), meeting requirements set by HM Revenue and Customs (HMRC), can receive the transfer of UK pension benefits without incurring an unauthorised payment and scheme sanction charge.
Split into simpler sentences: A Qualifying Recognised Overseas Pension Scheme, or QROPS, is an overseas pension scheme that meets certain requirements set by HM Revenue and Customs (HMRC). A QROPS can receive the transfer of UK Pension Benefits without incurring an unauthorised payment and scheme sanction charge.