{"id":20898,"date":"2022-10-03T15:34:48","date_gmt":"2022-10-03T14:34:48","guid":{"rendered":"https:\/\/taxfix.com\/en-uk\/?p=20898"},"modified":"2023-01-10T16:22:27","modified_gmt":"2023-01-10T16:22:27","slug":"can-i-transfer-an-overseas-pension-to-the-uk","status":"publish","type":"post","link":"https:\/\/taxfix.com\/en-uk\/the-tax-basics\/can-i-transfer-an-overseas-pension-to-the-uk\/","title":{"rendered":"Can I transfer an overseas pension to the UK?"},"content":{"rendered":"\n<p>Can I transfer an overseas pension to the UK? You may be wondering this if you work abroad and have decided to retire in the UK.<\/p>\n\n\n\n<p>If we were you, we\u2019d be wondering the same thing! Sure you can probably find the answers on the official government website somewhere (hidden behind a bunch of confusing jargon) &#8211; but true to form, we\u2019re breaking it down into much simpler terms.<\/p>\n\n\n\n<p>You\u2019re welcome!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is an overseas pension\u2026 or a pension at that?<\/strong><\/h2>\n\n\n\n<p>A pension is a savings scheme which preps you for retirement:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Pension contributions are automatically deducted from your wages each month<\/li><li>Your employer may also contribute (depending on how generous the company is)<\/li><\/ul>\n\n\n\n<p>State pension is another type of pension offered by the government. This pension depends on how many years you\u2019ve dedicated to the workforce.&nbsp;<\/p>\n\n\n\n<p>E.g; if you\u2019ve worked and paid <a href=\"https:\/\/taxfix.com\/en-uk\/glossary\/national-insurance\/\" target=\"_blank\" rel=\"noreferrer noopener\">National Insurance<\/a> for 35 years, you\u2019ll get the full amount of state pension compared to someone who has 15 qualifying years.<\/p>\n\n\n\n<p>A pension simply becomes an overseas pension if you move it abroad.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-container\"><iframe loading=\"lazy\" title=\"Tax in 10(ish) seconds - what&#039;s a pension?\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/eFeTtUEEEXs?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How do I transfer my overseas pension to the UK?<\/strong><\/h2>\n\n\n\n<p>Transferring your overseas pension to the UK might seem a little tricky due to all of the rules and regulations, but it doesn\u2019t have to be:<\/p>\n\n\n<\/div> <!-- .c-body -->\n\n<div class=\"b-highlight-mini m-blue m-align-left\">\n    <div class=\"b-block-body\">\n        <ul>\n<li>Get in touch with multiple UK pension providers as not all will accept the transfer<\/li>\n<li>Let your original pension provider know you are transferring your pot to the UK<\/li>\n<li>Check the terms of UK pension providers as well as the overseas provider<\/li>\n<\/ul>\n\n    <\/div>\n<\/div> <!-- .b-highlight-mini -->\n\n<div class=\"c-body\">\n\n\n\n\n<p>So it doesn\u2019t have to be super complicated! The most difficult part will be finding a pension provider that is willing to accept the payment.&nbsp;&nbsp;<\/p>\n\n\n\n<p>This is where QROPS comes to the rescue! \ud83e\uddb8<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Wait, what on earth is QROPS?<\/strong><\/h2>\n\n\n\n<p>QROPS are a type of overseas pensions that meet a set of rules set by HMRC. UK providers are more likely to accept pension transfers if they meet these rules!&nbsp;<\/p>\n\n\n\n<p>QROPS = credibility.<\/p>\n\n\n\n<p>\u26a0\ufe0f Watch out for pension scammers hiding behind QROPS verification. You can check the official list of qualifying recognised overseas pension schemes <a href=\"https:\/\/www.gov.uk\/guidance\/check-the-recognised-overseas-pension-schemes-notification-list\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>. \u26a0\ufe0f<\/p>\n\n\n\n<p>Even if your overseas pension provider is officially recognised by HMRC, UK pension providers will most likely still carry out checks to verify the source of money. Better to be safe than sorry, eh?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What\u2019s the risk of transferring an overseas pension?<\/strong><\/h2>\n\n\n\n<p>These days you have to question everything &#8211; and twice! There are actually a <em>few <\/em>risks or perhaps just things to bear in mind when transferring a pension:<\/p>\n\n\n<\/div> <!-- .c-body -->\n\n<div class=\"b-highlight-mini m-nude m-align-left\">\n    <div class=\"b-block-body\">\n        <ul>\n<li>You may be charged a fee for transferring &#8211; this could be at least 40% if your provider is a non-QROP \ud83d\ude2e\u200d\ud83d\udca8<\/li>\n<li>You could lose any rights you had to take pension at a certain age<\/li>\n<li>You may lose the right to take a tax-free lump sum from your pot<\/li>\n<li>Losing fixed protection on your pension is also a risk<\/li>\n<li>Money transferred to the UK could lose value due to fluctuation \ud83d\udcc9<\/li>\n<\/ul>\n\n    <\/div>\n<\/div> <!-- .b-highlight-mini -->\n\n<div class=\"c-body\">\n\n\n\n\n<p>Don\u2019t be put off though! You can simply double check with your pension provider if any of the above will apply when transferring your pension!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>We\u2019re always on hand \ud83e\udee1<\/strong><\/h2>\n\n\n\n<p>If you need your tax return sorted or simply need a bit of advice &#8211; we\u2019re here to help you with all things tax! Find out more <a href=\"https:\/\/taxfix.com\/en-uk\/services\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Can I transfer an overseas pension to the UK? You may be wondering this if you work abroad and have decided to retire in the UK. If we were you, we\u2019d be wondering the same thing! Sure you can probably find the answers on the official government website somewhere (hidden behind a bunch of confusing [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[433,427],"tags":[424,479],"class_list":["post-20898","post","type-post","status-publish","format-standard","hentry","category-pensions-and-interest","category-the-tax-basics","tag-foreign-income","tag-pension"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Can I transfer an overseas pension to the UK? &#8211; Taxfix<\/title>\n<meta name=\"description\" content=\"Can I transfer an overseas pension to the UK? 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