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Overseas transfers

You may want to transfer your UK pension to an overseas pension, if you are living overseas, or already have an overseas pension set up. 

Your overseas pension may be recognised by HM Revenue & Customs as a qualifying recognised overseas pension scheme (QROPS). A QROPS is a pension set up outside the UK that:

  • is regulated as a pension scheme in the country in which it was established; and
  • is recognised for tax purposes (i.e. benefits in payment must be subject to taxation). 

Your UK pension scheme or provider can only transfer your pension to your overseas scheme if it is a QROPS. If it is, the transfer can go ahead as if the transfer were to another UK scheme. 

If your overseas scheme is not a QROPS, it can apply for QROPS approval. If approval is not granted, the transfer cannot proceed. 

If your UK scheme is contracted out, it will need to go through a few more steps to make sure that the overseas scheme is suitable to receive your transfer. 

Click here for information about the tax implications of transferring your pension to an overseas scheme.

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