Transferring your pension

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Transferring to an overseas pension scheme

You may be able to transfer your UK pension savings to an overseas pension scheme.

Get help and advice including if you’re concerned about a pension scam.

Schemes you can transfer to

The overseas scheme you want to transfer your pension savings to must be a ‘qualifying recognised overseas pension scheme’ (QROPS). It’s up to you to check this with the overseas scheme or your UK pension provider or adviser.

If it’s not a QROPS, your UK pension scheme may refuse to make the transfer, or you’ll have to pay at least 40% tax on the transfer.

Tax when you transfer to a QROPS

You may have to pay 25% tax on a transfer. Whether you pay tax depends on both:

  • where the QROPS you transfer to is based - it’s your responsibility to find out where this is
  • your available overseas transfer allowance

When you do not have to pay tax on a transfer to a QROPS

You usually do not pay tax if you transfer to a QROPS provided by your employer. Check with the scheme to find out.

You do not have to pay tax if both of the following apply:

  • you live in the country your QROPS is based in
  • the transfer does not exceed your available overseas transfer allowance

If you transfer to a QROPS based in the European Economic Area (EEA) or Gibraltar

You do not have to pay tax when you transfer to a QROPS based in the EEA or Gibraltar if both the following are true:

  • you live in the UK or the EEA
  • you request the transfer before 30 October 2024 and it’s completed before 30 April 2025

If you move countries within 5 years of the transfer

Fill in form APSS 241 and give it to your scheme administrator. You’ll:

  • get a refund if you’ve moved to the country your QROPS is based in
  • have to pay 25% tax on your transfer if you’ve moved away from the country your QROPS is based in

Overseas transfer allowance and charge

Your overseas transfer allowance

The overseas transfer allowance is usually £1,073,100. This may be higher if you hold a protected allowance.

Your overseas transfer charge

You may have to pay an overseas transfer charge if you transfer your pension overseas or you may be exempt - check with your scheme provider.

If you exceed your overseas transfer allowance, and the transfer is otherwise exempt from the overseas transfer charge, you’ll have to pay a 25% overseas transfer charge on the excess above the allowance.

If you are not exempt from paying the overseas transfer charge, you’ll have to pay a 25% overseas transfer charge on the total amount you are transferring.

How to transfer

Form APSS 263 tells you what information you’ll need to provide before making a transfer.

Download and fill in the form and give it to your UK pension scheme administrator.

Your transfer will be taxed at 25% if you do not provide all the information the form asks for within 60 days of requesting the transfer.

Payments from an overseas pension

You may have to pay UK tax on some payments from your overseas scheme. This depends on when you were a UK resident.

View a printable version of the whole guide

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