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A new 25% charge will apply to pension transfers.
A new 25% charge has been introduced for pension transfers made to qualifying recognised overseas pension schemes (QROPS). The measure took effect for transfers requested on or after 9 March 2017. Transfers will however be tax-free when:
- the individual and the pension scheme are in countries in the European Economic Area (EEA);
- if outside the EEA the individual and the pension scheme are in the same country;
- the QROPS is provided by the individual’s employer;
- the QROPS is an overseas public service pension scheme and the individual is employed by one of the employers in the scheme; or
- the QROPS is established by an international organisation to provide benefits for past service and the individual is employed by that entity.
If the individual’s circumstances change within five tax...
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Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
