UK Pension Transfers

Due to our close links with the UK, we have a wealth of experience with the ins-and-outs of pension transfers. This means that we are well placed to assist you with yours.

UK Pension Transfers

Due to our close links with the UK, we have a wealth of experience with the ins-and-outs of pension transfers. This means that we are well placed to assist you with yours.

Is a Pension Transfer Right For You?

There are many benefits of transferring your UK pension abroad. However, it can be a complex process that requires specialist advice. With regards to a Defined Benefit (DB) scheme, UK law actually requires you to take advice before surrendering your DB pension if you receive a transfer value of more than £30,000. All transfer advice must come from a Financial Conduct Authority (FCA) authorised firm. Forunately, with our UK network, we know exactly where to go. 

You have three main options when it comes to UK pension benefits:

  • Leave your pension funds in the UK

    Do not touch the funds and leave them where they are

  • Transfer to a QROPS

    A qualifying recognised overseas pension scheme (registered with HMRC and usually only available from age 55)

  • Transfer to an international SIPP

    An international self-invested personal pension remaining under UK rules

What are the Benefits?

Due to each individual having a unique situation, the benefits may differ from person to person. Our highly experienced Financial Advisers are here to discuss your options and see which of the benefits below will apply to you in order to decide whether or not to look at transferring your UK pension benefits.

  • 1. A pension free from UK tax

    It can help reduce or eradicate the UK lifetime allowance tax charge

  • 2. Consolidate your schemes under one roof

    Simplify your pensions by having 24x7x365 access all in one place

  • 3. Receive regulated advice in the relevant jurisdiction

    You will be able to receive quality advice wherever you may be

  • 4. Overcome any complications of being in an underfunded UK defined benefit scheme

    Should you be in an underfunded DB scheme, the Pension Protection Fund aims to ensure you receive your benefits. However, being in this position can cause unnecessary stress

  • 5. Avoid exchange rate risk

    Move your funds into your relevant currency and avoid the worry of how GBP is performing

  • 6. Establish control of investment choice

    Being regulated Financial Advisers, we are able to recommend suitable investment choices, tailored to you

  • 7. Freedom from UK rules

    Funds in a QROPS are no longer governed by UK legislation, so are generally protected from future changes to UK rules

We highly recommend getting in touch and booking an initial no cost, no obligation meeting to find out how you can benefit today.

Qualifying Recognised Overseas Pension Schemes (QROPS)

A Qualifying Recognised Overseas Pension Scheme (QROPS) is a recognised overseas pension scheme which has been registered and approved by HMRC.

This means they must have provided details and evidence to HMRC that:

  • The scheme satisfies all the requirements as described for a recognised overseas scheme
  • The scheme will notify HMRC if the scheme ceases to be a recognised overseas scheme and supply them with information when making certain payments

The scheme must not have been excluded from being a QROPS. Exclusion may happen if the scheme fails to comply with any of the HMRC requirements. If this happens the HMRC must inform the scheme manager within 30 days. There is an option to appeal this decision.

Although a scheme may be recognised as a QROPS, local tax laws may not permit a transfer in.

Transferring to a QROPS is a benefit crystallisation event (BCE8). Therefore, any transfer value in excess of your available Lifetime Allowance will be subject to a tax charge.

Related pages

Pensions         Australian Expatriates Service         US Expatriates Service         Vested Benefits Accounts         Vested Benefits Transfers