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ARTICLE · 16 SEPTEMBER 2007

Transferring A Pension Overseas

Smith & Williamson
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In the first of a series of articles on international pension planning, we look at new, less restrictive rules for transferring pensions overseas.

United KingdomTax

In the first of a series of articles on international pension planning, we look at new, less restrictive rules for transferring pensions overseas.

Following the introduction of pensions simplification on 6 April 2006, radical changes were made to the rules governing transfers from UK-registered schemes to offshore pension schemes.

Very simply, individuals who migrate from the UK are able to transfer their UK pension funds to an overseas pension scheme, provided it is a qualified registered overseas pension scheme (QROPS) listed on the HMRC website.

A transfer can also be made in anticipation of leaving the UK, as long as there is an intention to do so within the next ten years.

There are no other formalities other than the UK pension provider satisfying itself that the transferee pension scheme is on the approved list of QROPS and that the individual is a member. Furthermore, providers must notify HMRC that the transfer has been made if the individual is resident in the UK at the

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