9

I worked for several years for a UK company, and have a corresponding amount of pension in their pension scheme. Now it looks like I'm pretty unlikely to return (and even if I do, it's a pain to have to maintain two relationships with pension funds), I'd like to work out how I can go about transferring those funds to my company pension scheme here.

I'm deliberately leaving the 'here' vague, as I suspect the answer depends more on the UK than the target country.

  • Note, this question was inspired by this one, which subsequently had its scope refined. – Benjol Mar 14 '14 at 10:11
7

To move money out of a UK pension fund you have to provide proof that the target fund (where you are intending to move the money to) satisfies UK requirements. The key term here is QROPS (Qualifying Recognised Overseas Pension Scheme). If the target fund is a QROPS (there's a non-exhaustive but fairly comprehensive list here(pdf)) then it

can receive the transfer of UK Pension Benefits without incurring an unauthorised payment and scheme sanction charge.

If the target fund is not a QROPS, you can suggest that they become one - this page on http://www.hmrc.gov.uk explains how (basically there is a fairly simple form to download, fill in and send, or you can do it online).

  • Wow. How did you ask and answer the question at the same time? – Piotr Kula Mar 14 '14 at 10:09
  • 1
    @ppumkin, when you ask a question, there's a little checkbox at the bottom of the page 'Answer your own question' :) – Benjol Mar 14 '14 at 10:10
  • Ha.. I saw that but never actually used it before. Cool – Piotr Kula Mar 14 '14 at 10:11

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.