QROPS

Author
Discussion

nonegreen

Original Poster:

7,803 posts

276 months

Friday 30th October 2009
quotequote all
Does anyone know about transfering pension funds overseas? Is it customa and practice and what should it cost? Any pitfalls etc atc.

bogwoppit

705 posts

187 months

Friday 30th October 2009
quotequote all
I looked into this briefly a while back and was told that if the scheme is a QROPS it should not be subject to additional charges (currency costs aside). Can't say if that is 100% accurate as I didn't pursue it given I wanted to make AVCs and couldn't be sure of the HMRC's position on this.

As far as I know it should be a case of getting a transfer value statement and instructing the trustees to transfer to the new scheme.

ringram

14,700 posts

254 months

Saturday 31st October 2009
quotequote all
Yeah I looked into this, hmrc has a list of approved overseas schemes. Basically you liquidate your local holdings and transfer them into the foreign approved scheme.
Same rules as a normal pension with lockin etc. qprops ensures foreign scheme complies etc.
However after 5 years there is no longer a requirement to report to hmrc, therefore you could transfer to another non qprops scheme etc at that point, or do whatever with it.
details are on hmrc site in a series of pdf's and advisories etc.